-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Omv8uE4eJ+UDShny0nKtBomi1GutMexwHKjVzPvPExnjjDCWWSR+IkCaiK/QEeG/
 BdFCbnliZddwyMxUzIZ0gw==

<SEC-DOCUMENT>0000930413-07-003854.txt : 20070427
<SEC-HEADER>0000930413-07-003854.hdr.sgml : 20070427
<ACCEPTANCE-DATETIME>20070427163504
ACCESSION NUMBER:		0000930413-07-003854
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070228
FILED AS OF DATE:		20070427
DATE AS OF CHANGE:		20070427
EFFECTIVENESS DATE:		20070427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		07796293

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c48055_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<A name="page_1"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=78% align=center><B><FONT size=2 face="serif">UNITED STATES</FONT></B>&nbsp; </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=18% align=center><U><FONT size=1 face="serif">OMB APPROVAL</FONT></U>&nbsp; </TD>
    <TD width=3% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=1 face="serif">OMB Number: 3235-0578</FONT>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT size=2 face="serif">Washington, DC 20549</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=1 face="serif">Expires: May 31, 2007</FONT>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=1 face="serif">Estimated average burden</FONT>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><center>
        <b><font size=2 face="serif">FORM N-Q</font></b>&nbsp;
    </center></TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=1 face="serif">hours per response: 21.09</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><center>
        <b><font size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
        MANAGEMENT INVESTMENT COMPANY </font></b>
    </center></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">Investment Company Act File Number: 811-21076</FONT>
</P>
<P align="left">
<FONT size=2 face="serif">Registrant Name: PIMCO Municipal Income Fund II </FONT></P>
<P align="left">
<FONT size=2 face="serif">Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Name and Address of Agent for Service: Lawrence G. Altadonna &#150; 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: 212-739-3371 </FONT></P>
<P align="left">

<FONT size=2 face="serif">Date of Fiscal Year End: May 31, 2007 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of Reporting Period: February 28, 2007</FONT>
</P>
<P align="left">
<FONT size=2 face="serif">Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (</FONT><FONT size=2 face="sans-serif">&#167;&#167;</FONT><FONT size=2 face="serif"> 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1
- -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>
<P align="left">
<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless
the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. </FONT><FONT size=2 face="sans-serif">&#167;
</FONT><FONT size=2 face="serif">3507. </FONT></P>

<HR noshade align="center" width="100%" size=2>

<P align="left" style="page-break-before:always"><PAGE>

<P align="left">
<B><FONT size=2 face="serif">Item 1. Schedule of Investments </FONT></B></P>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>MUNICIPAL BONDS &amp; NOTES&#151;95.0%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Alabama&#151;4.0%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Birmingham Baptist Medical Centers Special Care Facs. Financing Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 11/15/30, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa1/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$10,341,300 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Birmingham Waterworks &amp; Sewer Board Rev., Ser. B,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Pre-refunded @ $100, 1/1/13) (MBIA)(a),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,145 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 1/1/27</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,203,888 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 1/1/37</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,435,100 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>18,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.25%, 1/1/33 (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>19,292,580 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,750 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Huntsville Health Care Auth. Rev., 5.75%, 6/1/32, Ser. B</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,896,335 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>16,580 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Jefferson Cnty. Sewer Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' >
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 2/1/38, Ser. B, (Pre-refunded @ $100, 8/1/12) (FGIC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>17,475,154 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>60,644,357 </font></p> </td> </tr>
    <tr style='height:10.5pt' >
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Alaska&#151;0.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>3,550 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,640,490 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Arizona&#151;2.4%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,300 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Health Facs. Auth. Rev, John Lincoln Health Network, 5.75%, 12/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,389,999 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>33,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Salt River Project Agricultural Improvement &amp; Power Dist. Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 1/1/37, Ser. A (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa1/AA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>35,354,880 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>36,744,879 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Arkansas&#151;0.1%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>13,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,207,790 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>California&#151;2.1%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9,610 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Alameda Corridor Transportation Auth. Rev., zero coupon, 10/1/16, Ser. A (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,565,456 </font></p> </td> </tr>
    <tr style='height:10.5pt'  bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Golden State Tobacco Securitization Corp., Tobacco Settlement Rev., Ser. 2003-A-1,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,300 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.25%, 6/1/33 </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,709,431 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.75%, 6/1/39</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,353,870 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Rancho Cucamonga Community Facs. Dist., Special Tax, 6.30%, 9/1/23, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,063,010 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Southern California Public Power Auth., Transmission Project Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 7/1/13</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/A+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,129,480 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Univ. Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,430 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 5/15/37, Ser. C (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,571,361 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,900 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 5/15/38, Ser. B</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/AA-</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,972,616 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>32,365,224 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Colorado&#151;5.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>30,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>15,561,300 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Denver City &amp; Cnty., CP, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 12/1/25, Ser. B, (Pre-refunded @ $101, 12/1/10) (AMBAC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,365,750 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" height="24" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>E-470 Public Highway Auth. Rev., Ser. B (MBIA),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>20,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 9/1/35</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,217,600 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>15,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 9/1/37</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,523,800 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Health Facs. Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>25,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Catholic Health Initiatives, 5.50%, 3/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa2/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>26,914,750 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>18,305 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Exempla, Inc., 5.625%, 1/1/33, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A1/A-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>19,408,791 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Retirement Facs. Rev., Liberty Height, zero coupon, 7/15/22</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,411,980 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>79,403,971 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>District of Columbia&#151;1.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>17,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Washington D.C. Convention Center Auth. Tax Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 10/1/28, (Pre-refunded @ $100, 10/1/08) (AMBAC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>17,809,925 </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Florida&#151;3.9%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$6,520 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$6,804,859 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Highlands Cnty. Health Facs. Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,830 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Adventist, 5.00%, 11/15/31, Ser. C</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,947,247 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Adventist/Sunbelt, 6.00%, 11/15/31, Ser. A, (Pre-refunded @ $101, 11/15/11) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,871,360 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Hillsborough Cnty. Industrial Dev. Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>635 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Health Fac. Project, 5.625%, 8/15/23</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>662,134 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,335 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Tampa Electric Co. Project, 5.50%, 10/1/23</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/BBB-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,470,080 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,135 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa2/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,585,432 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Lakeland Hospital System Rev., Regional Health System, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 11/15/32, (Pre-refunded @ $101, 11/15/12) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>12,671,620 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Leesburg Hospital Rev., Leesburg Regional Medical Center Project, 5.50%, 7/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa1/BBB+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,144,720 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Orange Cnty. Health Facs. Auth. Rev., Adventist Health System (a),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,550 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.625%, 11/15/32, (Pre-refunded @ $101, 11/15/12) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,819,127 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.25%, 11/15/24, (Pre-refunded @ $100, 11/15/12) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,646,200 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Sumter Landing Community Dev. Dist. Rev., 4.75%, 10/1/35, Ser. A (MBIA)(f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,167,000 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>1,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Winter Springs Water &amp; Sewer Rev., zero coupon, 10/1/29 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>565,350 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>59,355,129 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Georgia&#151;0.7%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Atlanta Water &amp; Wastewater Rev., 5.00%, 11/1/39, Ser. A (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,175,000 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Grantor Trust Gov't, CP, 4.75%, 6/1/28, Ser. A (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,628,355 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>9,600 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,232,672 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11,036,027 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Hawaii&#151;1.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>19,170 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Honolulu City &amp; Cnty. Wastewater System Rev., First Board Resolution, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 7/1/28 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>19,600,175 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Illinois&#151;20.0%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Central Lake Cnty. Water Agcy. Rev., Ser. A (AMBAC),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,610 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 5/1/28 </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,828,549 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,150 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 5/1/32, (Pre-refunded @ $100, 11/1/12) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,763,206 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,050 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Chicago, GO, 5.125%, 1/1/29, Ser. A (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,197,359 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Chicago, Lake Shore East, Special Assessment,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,162 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.625%, 12/1/22</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,434,817 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,700 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.75%, 12/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,291,275 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Chicago Board of Education School Reform, GO (FGIC),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>15,535 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 12/1/16, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,543,139 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 12/1/28, Ser. A </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,949,450 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 12/1/31</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,529,505 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Chicago City Colleges, GO (FGIC),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>32,670 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 1/1/37</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,741,512 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>29,145 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 1/1/38</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,438,678 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>32,670 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 1/1/39</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,977,034 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,184,100 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Cicero, GO, 5.25%, 12/1/31 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,378,500 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Dev. Finance Auth. Retirement Housing Rev., Regency Park,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 7/15/23 </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,985,400 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>134,650 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 7/15/25 </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>61,101,477 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" height="20" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Health Facs. Auth. Rev, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Condell Medical Center, 5.50%, 5/15/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,240,750 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>20,100 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Elmhurst Memorial Healthcare, 5.625%, 1/1/28</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>21,532,326 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>60,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 12/15/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>22,022,400 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>50,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 12/15/33</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>16,045,000 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,460 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 6/15/38</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>644,225 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Illinois&#151;</font></b><font face="Arial" size=1>(continued)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$4,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$4,729,410 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Springfield Rev., 5.00%, 3/1/35 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,663,200 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State, GO, 5.00%, 3/1/34, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,535,900 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>68,470 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State Sports Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>64,776,728 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>301,533,940 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Indiana&#151;0.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Brownsburg 1999 School Building Corp. Rev., Ser. A,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Pre-refunded @ $100, 9/15/13) (FSA)(a),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 9/15/25</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,077,770 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.25%, 3/15/25</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,184,360 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,125 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Caa1/B-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,259,557 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State Bank Rev., Hendricks, 5.25%, 4/1/30, Ser. D (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>530,540 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,052,227 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Iowa&#151;3.9%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,300 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Higher Education Loan Auth. Rev., Grandview College, 5.10%, 10/1/36</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,366,815 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Tobacco Settlement Auth. of Iowa Rev., Ser. B,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>46,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 6/1/34</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>46,721,280 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>8,850 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.60%, 6/1/35, (Pre-refunded @ $101, 6/1/11) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9,561,186 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>58,649,281 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Kansas&#151;0.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,800 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Univ. of Kansas Hospital Auth. Health Facs. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.625%, 9/1/32, (Pre-refunded @ $100, 9/1/12) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,071,348 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Kentucky&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Economic Dev. Finance Auth., Hospital Facs. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Catholic Healthcare Partners, 5.25%, 10/1/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/AA-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,632,950 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>1,945 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>St. Luke's Hospital, 6.00%, 10/1/19, Ser. B</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A3/A</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,170,250 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,803,200 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Louisiana&#151;4.6%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>20,400 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Public Facs. Auth. Rev., Ochsner Clinic Foundation, 5.50%, 5/15/32, Ser. B</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A3/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>21,622,572 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Tobacco Settlement Financing Corp. Rev., Ser. 2001-B, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>36,395 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.875%, 5/15/39</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>39,107,519 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>8,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.875%, 5/15/39 (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,596,240 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>69,326,331 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Maryland&#151;0.1%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' >
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Health &amp; Higher Educational Facs. Auth. Rev., Adventist Healthcare, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.75%, 1/1/25, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,073,170 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Massachusetts&#151;3.7%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>



    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,300 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Bay Transportation Auth. Rev., General Transportation System, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 3/1/21, Ser. A (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,326,182 </font></p> </td> </tr>

    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>14,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Bay Transportation Auth., Special Assessment, 4.75%, 7/1/34, Ser. A (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>14,992,710 </font></p> </td> </tr>



    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State College Building Auth. Project Rev., Ser. B (XLCA),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,560 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 5/1/28</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,742,667 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,645 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 5/1/33</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9,408,396 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 5/1/39</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,244,050 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,295 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,350,148 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>12,050 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State Water Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>12,126,036 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>55,190,189 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Michigan&#151;2.4%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Detroit City School Dist., GO, Ser. A (a),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$8,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 5/1/32, (Pre-refunded @ $100, 5/1/13) (FGIC) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$9,127,130 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,750 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 5/1/31, (Pre-refunded @ $100, 5/1/12) (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,869,385 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Detroit Water Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,603,225 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Hospital Finance Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Ascension Health, 5.25%, 11/15/26, Ser. B</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa2/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,305,200 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Oakwood Group, Ser. A,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>13,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.75%, 4/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>14,461,470 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>1,925 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6.00%, 4/1/22</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,104,641 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>35,471,051 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Minnesota&#151;0.1%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>280 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Minneapolis, Grant Park Project, Tax Allocation, 5.35%, 2/1/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>284,390 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Oronoco Rev., 5.40%, 6/1/41</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>508,320 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>792,710 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Mississippi&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,605 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Ba1/BBB-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,617,690 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>740 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Dev. Bank Special Obligation, Projects &amp; Equipment Acquisitions Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 7/1/24 (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>770,532 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,388,222 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Missouri&#151;0.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>905 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev., 5.00%, 10/1/25</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>915,489 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>St. Louis Parking Facs. Rev., Downtown Parking Fac., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6.00%, 2/1/28, (Pre-refunded @ $100, 2/1/12) (AMBAC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,652,715 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,568,204 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Nevada&#151;1.7%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Clark Cnty., GO (FGIC),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,450 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 6/1/31</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,503,070 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,950 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 6/1/31, (Pre-refunded @ $100, 6/1/11) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,053,974 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Reno Transportation Project Rev., (Pre-refunded @ $100, 6/1/12) (AMBAC)(a),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,960 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 6/1/27</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,237,952 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 6/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,140,380 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 6/1/37</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,745,665 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,570 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.25%, 6/1/41</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,146,153 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,290 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Truckee Meadows Water Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 7/1/30, Ser. A, (Pre-refunded @ $100, 7/1/11) (FSA)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,484,933 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>25,312,127 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>New Hampshire&#151;0.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>360 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.125%, 7/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa1/BBB+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>395,968 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,640 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6.125%, 7/1/32, (Pre-refunded @ $101, 7/1/12) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa1/BBB+</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,966,911 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,362,879 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" height="33" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>New Jersey&#151;2.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Economic Dev. Auth., Kapkowski Landfill,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.75%, 10/1/21</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,485,840 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11,405 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.75%, 4/1/31</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>12,744,859 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Economic Dev. Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Arbor Glen,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>525 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.00%, 5/15/28</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>542,997 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>225 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.00%, 5/15/28, Ser. A, (Pre-refunded @ $102, 5/15/09) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>240,098 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Seashore Gardens, 5.375%, 11/1/36</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>256,172 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>New Jersey&#151;</font></b><font face="Arial" size=1>(continued)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$3,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$3,834,180 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Tobacco Settlement Financing Corp. Rev. (a),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,285 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.00%, 6/1/37, (Pre-refunded @ $100, 6/1/12) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,427,082 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,095 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.125%, 6/1/42, (Pre-refunded @ $100, 6/1/12) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,455,506 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,150 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.25%, 6/1/43, (Pre-refunded @ $100, 6/1/13) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,027,175 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,925,700 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>36,939,609 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>New Mexico&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Farmington Pollution Control Rev., 5.80%, 4/1/22</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/BBB</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,030,200 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>New York&#151;3.8%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,200 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,290,252 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Liberty Dev. Corp. Rev., Goldman Sachs Headquarters, 5.25%, 10/1/35 (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/AA-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11,755,900 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Metropolitan Transportation Auth. Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,600 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 11/15/30, Ser. A (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11,173,036 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.25%, 11/15/32, Ser. B, (Pre-refunded @ $100, 11/15/13) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,973,300 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>New York City Municipal Water Finance Auth., Water &amp; Sewer System Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,750 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 6/15/37, Ser. D (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa2/AA+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,050,675 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 6/15/39, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa2/AA+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,388,010 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,700 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Dormitory Auth. Rev., Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa2/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,047,730 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State Environmental Facs. Corp. Rev., 5.00%, 6/15/28</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,124,780 </font></p> </td> </tr>
    <tr style='height:10.5pt' >
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>56,803,683 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>North Carolina&#151;0.0%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>550 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>North Carolina Medical Care Commission Rev., Salemtowne, 5.10%, 10/1/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>560,830 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Ohio&#151;0.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>7,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/AA-</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,960,275 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Oklahoma&#151;0.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments, 4.90%, 11/20/46 (FHA-GNMA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,781,190 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Pennsylvania&#151;2.4%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. B,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>530 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.25%, 11/15/15</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Ba3/B+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>629,847 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.25%, 11/15/22</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Ba3/B+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,188,390 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,700 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.25%, 11/15/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Ba3/B+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,773,823 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Cumberland Cnty. Auth., Retirement Community Rev., Wesley Affiliated Services, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7.25%, 1/1/35, Ser. A, (Pre-refunded @ $101, 1/1/13) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,360,670 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Harrisburg Auth. Rev., 6.00%, 9/1/36</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,284,462 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Abington Memorial Hospital, Ser. A,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 6/1/27</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,245,600 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,750 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 6/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,921,638 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Philadelphia, GO, 5.25%, 9/15/25, Ser. 2001 (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,158,730 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Philadelphia Auth. Industrial Dev. Lease Rev., 5.25%, 10/1/30, Ser. B (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,289,600 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth. Rev., 5.00%, 2/1/29 (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>514,630 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Radnor Township School Dist., GO, Ser. B (FSA),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,670 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 2/15/35</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,787,401 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>830 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 2/15/35, (Pre-refunded @ $100, 8/15/15) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>908,883 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>36,063,674 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" height="24" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Puerto Rico&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4,200 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A3/BBB+</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,461,408 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Rhode Island&#151;4.4%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>$62,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$66,709,520 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>South Carolina&#151;5.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>27,745 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Greenville Cnty. School Dist. Rev., Building Equity Sooner Tomorrow,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 12/1/28, (Pre-refunded @ $101, 12/1/12) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AA-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>30,589,695 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>18,120 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Jobs Economic Dev. Auth. Rev., Bon Secours Health System, 5.625%, 11/15/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A3/A-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>19,320,088 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Lexington Cnty., Health Services Dist. Hospital Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>15,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 11/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>16,157,250 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.50%, 5/1/37</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,778,495 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.75%, 11/1/28</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A2/A</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,482,100 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Tobacco Settlement Rev. Management Auth. Rev., 6.375%, 5/15/28, Ser. B</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,487,932 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,180 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Transportation Infrastructure Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 10/1/29, Ser. A, (Pre-refunded @ $100, 10/1/11) (AMBAC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,247,508 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>80,063,068 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Tennessee&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,750 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Knox Cnty. Health Educational &amp; Housing Facs., Board Hospital Facs. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Catholic Healthcare Partners, 5.25%, 10/1/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa3/AA-</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,957,037 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Texas&#151;10.8%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Arlington Independent School Dist., GO (PSF-GTD),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 2/15/24</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,209 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>990 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 2/15/24, (Pre-refunded @ $100, 2/15/09) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,015,780 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,480 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aubrey Independent School Dist., GO, 5.50%, 2/15/33 (PSF-GTD)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,957,478 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Brazos Cnty. Health Facs. Dev. Corp., Franciscan Services Corp. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.375%, 1/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/A-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,899,945 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,700 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Comal Cnty. Health Facs. Dev., McKenna Memorial Hospital Project Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.25%, 2/1/32</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/BBB-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,945,430 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Dallas Area Rapid Transit Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 12/1/31, (Pre-refunded @ $100, 12/1/11) (AMBAC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,295,500 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>20,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Frisco Independent School Dist., GO, zero coupon, 8/15/34 (PSF-GTD)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,896,800 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Harris Cnty., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>19,750 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>GO, 5.125%, 8/15/31, (Pre-refunded @ $100, 8/15/12) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa1/AA+</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>21,166,075 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Health Facs. Dev. Corp. Rev., St. Luke's Episcopal Hospital, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.375%, 2/15/26, Ser. A, (Pre-refunded @ $100, 8/15/11) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,618,340 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>25,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Senior Lien Toll Road Rev., 5.00%, 8/15/30 (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>26,149,500 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>700 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>HFDC of Central Texas, Inc., Village at Gleannloch Farms Rev., 5.50%, 2/15/37</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>719,957 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Keller Independent School Dist., GO (PSF-GTD),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>770 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4.875%, 8/15/31</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>782,474 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,730 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4.875%, 8/15/31, (Pre-refunded @ $100, 8/15/09) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,928,939 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,170 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Little Elm Independent School Dist., GO, 5.30%, 8/15/29, Ser. A (PSF-GTD)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,411,332 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,320,312 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Quinlan Independent School Dist., GO, 5.10%, 2/15/32 (PSF-GTD)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,226,150 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Sabine River Auth. Rev., 5.20%, 5/1/28</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa2/BB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,019,300 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State, GO, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,025 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 4/1/35, Ser. A (f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa1/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,295,174 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>17,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4.75%, 4/1/36</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa1/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>18,019,575 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>zero coupon, 8/15/19</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,983,400 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,880 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 8/15/42</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9,244,258 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Water Financial Assistance, GO,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 8/1/36</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa1/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,392,025 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,650 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.25%, 8/1/35</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aa1/AA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,748,901 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Wichita Falls Water &amp; Sewer Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.00%, 8/1/27, (Pre-refunded @ $100, 8/1/11) (AMBAC)(a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,442,240 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>162,489,094 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Utah&#151;3.0%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>$44,150 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Utah Transit Auth. Rev., 4.75%, 6/15/35, Ser. B (FSA)(f)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$45,882,005 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Virginia&#151;0.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Fredericksburg Industrial Dev. Auth., Medicorp Health System Rev., Ser. B,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,500 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.125%, 6/15/33</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A3/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,589,125 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.25%, 6/15/27</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>A3/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,179,360 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,768,485 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Washington&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,204,850 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Wisconsin&#151;0.7%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Badger Tobacco Asset Securitization Corp.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,125 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.00%, 6/1/17</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,204,515 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,170 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6.125%, 6/1/27</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Baa3/BBB</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,751,377 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Health &amp; Educational Facs. Auth. Rev., Froedert &amp; Community Health Obligation,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>90 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5.375%, 10/1/30</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AA-</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>95,253 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>910 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>5.375%, 10/1/30, (Pre-refunded @ $101, 10/1/11) (a)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AA-</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:36.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>979,251 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11,030,396 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Total Municipal Bonds &amp; Notes (cost&#151;$1,288,741,013)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,433,108,170 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>VARIABLE RATE NOTES </font></B><font face="Arial" size=2>(b)(c)(d)</font><b><font face="Arial" size=2>&#151;4.6%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Alabama&#151;0.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,450 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Jefferson Cnty. Sewer Rev., 10.55%, 2/1/36, Ser. 352 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,320,064 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,400 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Montgomery Special Care Facs., Financing Auth. Rev., </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>9.36%, 11/15/29, Ser. 435 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,584,450 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,904,514 </font></p> </td> </tr>
    <tr style='height:10.5pt' bgcolor="#e6e6e6">
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Colorado&#151;0.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,250 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Denver City &amp; Cnty. Airport Rev., 9.36%, 11/15/25, Ser. 425 (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,572,538 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Florida&#151;0.4%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,782 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Orange Cnty. School Board, CP, 9.36%, 8/1/24, Ser. 328 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,148,468 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>3,241 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State Governmental Utilities Auth. Rev., 9.36%, 10/1/29, Ser. 327 (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,855,818 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,004,286 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Illinois&#151;0.6%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Chicago, GO,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,780 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.99%, 1/1/28, Ser. 332 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,183,615 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,200 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>11.86%, 1/1/40, Ser. 426 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,828,980 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,288 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Cook Cnty., GO, 9.36%, 11/15/28, Ser. 403 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,560,541 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State, GO, 10.61%, 4/1/27, Ser. 783 (FSA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,653,400 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9,226,536 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Massachusetts&#151;1.5%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,400 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Boston Water &amp; Sewer Community Rev., 9.40%, 11/1/28, Ser. 434 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,594,390 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,200 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State, GO, 10.66%, 11/1/30, Ser. 785 (FGIC-TCRS)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,085,610 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>State Turnpike Auth. Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,000 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.40%, 1/1/37, Ser. 489 (MBIA) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,298,950 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,668 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.40%, 1/1/39, Ser. 335 (AMBAC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,419,974 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>7,366 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>9.41%, 1/1/37, Ser. 334 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8,100,022 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
      <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>22,498,946 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Nevada&#151;0.2%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,200 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>State, GO, 9.36%, 5/15/28, Ser. 344 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,346,454 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>PIMCO Municipal Income Fund II Schedule of Investments</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.0pt'>
        <td  nowrap colspan="3" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>February 28, 2007 (unaudited)</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Principal</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Amount</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Credit Rating</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="2%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Moody's/S&amp;P)</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value*</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Ohio&#151;0.1%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>$1,580 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Hamilton Cnty. Sales Tax Rev., 9.36%, 12/1/27, Ser. 356 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$1,789,903 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Pennsylvania&#151;0.3%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Philadelphia School Dist., GO (MBIA),</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,670 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>8.11%, 4/1/27, Ser. 345 </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,793,079 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>2,677 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>8.11%, 4/1/27, Ser. 496 </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,874,295 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>4,667,374 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Texas&#151;0.7%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,460 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Denton Utility System Rev., 9.99%, 12/1/29, Ser. 428 (MBIA)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,710,182 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,100 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Houston Airport System Rev., 9.36%, 7/1/25, Ser. 404 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,181,180 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Houston Water &amp; Sewer System Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,200 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9.36%, 12/1/28, Ser. 427 (FSA) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,591,820 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>3,070 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>10.61%, 12/1/30, Ser. 495 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=1>NR/AAA</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,925,762 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>10,408,944 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Washington&#151;0.1%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>1,820 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Central Puget Sound Regional Transit Auth. Sales Tax &amp; Motor Rev.,</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>8.11%, 2/1/28, Ser. 360 (FGIC)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Aaa/NR</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,012,920 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>Total Variable Rate Notes (cost&#151;$56,796,735)</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>68,432,415 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.95pt'>
        <td  nowrap colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>U.S. TREASURY BILLS </font></B><font face="Arial" size=2>(e)</font><b><font face="Arial" size=2>&#151;0.4%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6,540 </font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>4.795%-5.14%, 3/15/07 (cost&#151;$6,527,740) </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:30.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6,527,740 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Total Investments </font></b><font face="Arial" size=1>(cost&#151;$1,352,065,488)&#151;</font><b><font face="Arial" size=1>100.0%</font></b></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>$1,508,068,325 </font></b></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="7%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<hr noshade>
<p style="page-break-before:always "></p>
<PAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Notes to Schedule of Investments:</font></b></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>*</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Portfolio securities and other financial instruments for which market quotations are readily available are </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>stated at market value. Portfolio securities and other financial instruments for which market quotations are </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>not readily available or if a development/event occurs that may significantly impact the value of a security</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees. The Fund's </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>investments are valued daily using prices supplied by an independent pricing service or dealer quotations, </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>or are valued at the last sale price on the exchange that is the primary market for such securities, or the </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>quoted mean price for those securities for which the over-the-counter market is the primary market or for </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial"  size=1>
listed  securities  in  which  there  were  no  sales.
Independent pricing services use information provided by </font></p> </td>

        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>market makers or estimates of market values obtained from yield data relating to investments or securities </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="4" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>with similar characteristics. Exchange traded options and futures are valued at the settlement price </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>determined by the relevant exchange. Short-term securities maturing in 60 days or less are valued at   </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>day prior to maturity, if the original term to maturity exceeded 60 days.  The prices used by the Fund to </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>value securities may differ from the value that would be realized if the securities were sold. The Fund's </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>net asset value is determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>New York Stock Exchange ("NYSE") on each day the NYSE is open for business.</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(a)</font></p> </td>
        <td  nowrap colspan="6" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="4" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>used to pay principal and interest and retire the bonds at the earliest refunding date (payment date). </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(b)</font></p> </td>
        <td  nowrap colspan="6" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>144A Security - Security exempt from registration, under Rule 144A of the Securities Act of 1933.  These securities</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>may be resold in transactions exempt from registration, typically only to qualified institutional buyers.  Unless</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>otherwise indicated, these securities are not considered to be illiquid.</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(c)</font></p> </td>
        <td  nowrap colspan="6" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>
Inverse Floaters  - The interest rate shown bears an inverse relationship to the interest rate on another security or </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="4" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>
the value of an index.</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(d)</font></p> </td>
        <td  nowrap colspan="6" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>
Variable Rate Notes - instruments whose interest rates change on specified date (such as a coupon date or interest</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="6" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>rate). The interest rate disclosed reflects the rate in effect on February 28, 2007.</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(e)</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>All or partial amount segregated as collateral for futures contracts.</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(f)</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Residual Interest Bonds held in trust - represent underlying bonds transferred to a separate </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="5" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>securitization trust established in a tender option bond transaction in which the Fund acquired the </font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="4" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>residual interest certificates. These securities serve as collateral in a financing transaction. </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=1>Glossary:</font></b></u><u></u></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>AMBAC - insured by American Municipal Bond Assurance Corp.</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>CP - Certificates of Participation</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>FGIC - insured by Financial Guaranty Insurance Co.</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>FHA - insured by Federal Housing Administration</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>FSA - insured by Financial Security Assurance, Inc.</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>GNMA - insured by Government National Mortgage Association</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>GO - General Obligation Bond</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>GTD - Guaranteed</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>MBIA - insured by Municipal Bond Investors Assurance</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>NR - Not Rated</font></p> </td>
        <td width="5%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>PSF - Public School Fund</font></p> </td>
        <td width="5%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>TCRS - Temporary Custodian Receipts</font></p> </td>
        <td width="5%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>XLCA - insured by XL Capital Assurance</font></p> </td>
        <td width="5%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=1>Other Investments:</font></b></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td  nowrap colspan="2" style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(1)  Futures contracts outstanding at February 28, 2007:</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Market</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Unrealized</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Value</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Expiration</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Appreciation</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Type</font></p> </td>
        <td width="5%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Contracts</font></p> </td>
        <td width="11%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(000)</font></p> </td>
        <td width="10%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Date</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(Depreciation)</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Long:</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Financial Future Euro&#151;90 day, June 2007</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>23 </font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$5,452 </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6/18/07</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$(17,538)</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Financial Future Euro&#151;90 day, September 2007</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>23 </font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,462 </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>9/17/07</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(7,763)</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Financial Future Euro&#151;90 day, December 2007</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>23 </font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,471 </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>12/17/07</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>863 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Financial Future Euro&#151;90 day, March 2008</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>23 </font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>5,477 </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3/17/08</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>7,188 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>U.S. Treasury Notes 5 yr. Futures, June 2007</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3,789 </font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>401,456 </font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>6/29/07</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,612,594 </font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Short:</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>U.S. Treasury Bond Futures, March 2007</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(4,933)</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(557,429)</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>3/21/07</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>2,834,967 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>U.S. Treasury Notes 10 yr. Futures, June 2007</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>(362)</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>(39,311)</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:1.0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font face="Arial" size=1>6/20/07</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>(203,625)</font></p> </td> </tr>
    <tr bgcolor="#e6e6e6" style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
      <p style='margin-left:0pt;text-indent:8.0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='border-bottom:solid black 1.5pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>$5,226,686 </font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.5pt'>
        <td width="6%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" nowrap style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>



<HR noshade align="center" width="100%" size=2>

<P align="left" style="page-break-before:always"><PAGE>
<P align="left">
<B><FONT size=2 face="serif">Item 2. Controls and Procedures</FONT></B></P>
<P align="left">
<FONT face="serif">(a) The registrant's President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of
1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. </FONT></P>

<P align="left">
<FONT face="serif">
Prior to reaching this conclusion, the principal officers had become aware of matters relating to the
Registrant's participation in certain inverse floater structures that required enhancements to certain
controls. The Registrant's management determined that controls relating to the review and analysis of
relevant terms and conditions of certain transfers of securities under the provisions of Statement of
Financial Accounting Standards No. 140 "Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities" ("SFAS 140") were not effective.
</FONT></P>

<P align="left">
<FONT face="serif">
The Registrant's Management has taken such further actons as are necessary to revise its disclosure
controls and procedures in order to increase the effectiveness of these controls with respect to the
accounting treatment of transfers of certain inverse floater transactions. However, as discussed above,
the registrant enhanced controls related to the accounting treatment of transfers of certain inverse floater transactions.
</FONT></P>


<P align="left">
<FONT face="serif">(b) In December 2006, the principal executive and financial
officers became aware of matters relating to the Registrant&#146;s purchase of
certain inverse floating rate obligations that required enhancements to certain
controls. The Registrant&#146;s management determined that controls relating to
the review and analysis of the relevant contractual terms and conditions of
transfers of securities in connection with the purchase of certain inverse
floating rate obligations were not effective in identifying whether these
transfers qualified for sale accounting under the provisions of SFAS 140. The
Registrant&#146;s management has taken such further actions as are necessary to
revise its controls and procedures in order to increase the effectiveness of
these controls and procedures in identifying such transactions that require
accounting treatment under SFAS 140.
</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Item 3. Exhibits</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">(a) Exhibit 99 CERT. &#150; Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<PAGE>
<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant: PIMCO Municipal Income Fund II</FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Brian S. Shlissel<br>
President &amp; Chief Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 27, 2007</FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna <br>
Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 27, 2007</FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dated indicated. </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Brian S. Shlissel <br>
President &amp; Chief Executive Officer</FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 27, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna <br>
Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 27, 2007</FONT></P>

<HR noshade align="center" width="100%" size=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c48055_ex99cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>muniii_nqexhibit99302cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<A name="page_1"></A>

<P align="right">
<B><FONT size=2 face="serif">Exhibit 99 CERT.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="2%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">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 the report;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the schedules on investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) 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:</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=92%>
<FONT size=2 face="serif">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;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=92%>
<FONT size=2 face="serif">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;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=92%>
<FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;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</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=92%>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=92%>
<FONT size=2 face="serif">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&#146;s ability to record, process,
summarize, and report financial information; and</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=92%>
<FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s control over financial reporting.</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Date: April 27, 2007<br>
Signature &amp; Title: /s/ Brian S. Shlissel <br>
Brian S. Shlissel, President &amp; Chief Executive Officer</FONT></P>

<HR noshade align="center" width="100%" size=2>



<P align="left" style="page-break-before:always"><PAGE>
<A name="page_2"></A>

<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">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 the report;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the schedules on investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) 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:</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=91%>
<FONT size=2 face="serif">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;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=91%>
<FONT size=2 face="serif">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;</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=91%>
<FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;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</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=91%>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=91%>
<FONT size=2 face="serif">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&#146;s ability to record, process,
summarize, and report financial information; and</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=91%>
<FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s control over financial reporting.</FONT>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Date: April 27, 2007<br>
Signature &amp; Title: /s/ Lawrence G. Altadonna <br>
Lawrence G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>

<HR noshade align="center" width="100%" size=2>


</BODY>

</HTML>

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