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<SEC-DOCUMENT>0000818972-05-000001.txt : 20050228
<SEC-HEADER>0000818972-05-000001.hdr.sgml : 20050228
<ACCEPTANCE-DATETIME>20050228145830
ACCESSION NUMBER:		0000818972-05-000001
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050228
DATE AS OF CHANGE:		20050228
EFFECTIVENESS DATE:		20050228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPALS INC
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		05644978

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129228297

	MAIL ADDRESS:	
		STREET 1:		DREYFUS CORP
		STREET 2:		200 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>form-853.htm
<DESCRIPTION>FORM N-Q
<TEXT>



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<B><FONT size=2 face="serif">UNITED STATES</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;
	</TD>
</TR>
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	<TD width=100% nowrap>
<B><FONT size=2 face="serif">Washington, D.C. 20549</FONT></B>&nbsp;
	</TD>
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&nbsp;
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<FONT size=2 face="serif">FORM N-Q</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">INVESTMENT COMPANY</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">Investment Company Act file number 811-5245</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">DREYFUS STRATEGIC MUNICIPALS, INC.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">(Exact name of Registrant as specified in charter)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">c/o The Dreyfus Corporation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=100% nowrap>
<FONT size=2 face="serif">New York, New York 10166</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">(Address of principal executive offices) (Zip code)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">Mark N. Jacobs, Esq.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">New York, New York 10166</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">(Name and address of agent for service)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">Registrant's telephone number, including area code: (212) 922-6000</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=69% nowrap>
<FONT size=2 face="serif">Date of fiscal year end:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=28% nowrap>
<FONT size=2 face="serif">9/30</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=69% nowrap>
<FONT size=2 face="serif">Date of reporting period:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=28% nowrap>
<FONT size=2 face="serif">12/31/04</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<A name="page_2"></A>


<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">FORM N-Q</FONT></B><BR>
</TD></TR></TABLE>

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

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Dreyfus Strategic Municipals, Inc.</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Statement of Investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=40% nowrap colspan=5>
<FONT size=2 face="serif">December 31, 2004 (Unaudited)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Long-Term Municipal Investments--150.6%</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap colspan=3>
<FONT size=2 face="serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap colspan=3>
<FONT size=2 face="serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">Value ($)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Alabama--5.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Houston County Health Care Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6.25%, 10/1/2030 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">8,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">9,052,400</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Jefferson County, Limited Obligation School Warrant</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.50%, 1/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,316,400</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Jefferson County, Sewer Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.25%, 2/1/2023 (Insured; FGIC) (Prerefunded 8/1/2012)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,659,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5%, 2/1/2041 (Insured; FGIC) (Prerefunded 8/1/2012)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">11,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">13,103,482</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Alaska--2.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Alaska Housing Finance Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6%, 6/1/2049 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,182,160</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Anchorage, Wastewater Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.125%, 5/1/2034 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,620,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,878,379</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Arkansas--2.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Arkansas Development Finance Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Mortgage Backed Securities Program):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6.45%, 7/1/2031 (Guaranteed; GNMA, FNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,682,932</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6.25%, 1/1/2032 (Guaranteed; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,835,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,979,311</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Coconino County, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Nevada Power Co. Project) 6.375%, 10/1/2036</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,548,550</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Little Rock School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.25%, 2/1/2030 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,324,480</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Arizona--5.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Maricopa Pollution Control Corp., PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Public Service Co.) 5.75%, 11/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,162,360</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Phoenix Civic Improvement Corp., Wastewater System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5%, 7/1/2027 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,995,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,120,311</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Pima County Industrial Development Authority, Industrial</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Revenue (Tucson Electric Power Co. Project) 6%, 9/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">14,080,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">14,079,718</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Scottsdale Industrial Development Authority, HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Scottsdale Healthcare) 5.80%, 12/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,370,740</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Tucson, Water System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5%, 7/1/2021 (Insured; FGIC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,698,135</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="monospace">Page 1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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




<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=54% nowrap>
<B><FONT size=2 face="serif">California--14.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="serif">California Infrastructure and Economic Development Bank,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Revenue (Bay Area Toll Bridges)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">5.25%, 7/1/2017 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">12,360,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">13,681,778</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">State of California:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">8.307%, 12/1/2018 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">b,c</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">10,237,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">5.50%, 4/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,308,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Economic Recovery 5%, 7/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">10,694,300</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="serif">California Department of Water Resources, Power Supply Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">5.50%, 5/1/2013 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">11,080,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">12,653,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">5.125%, 5/1/2018 (Insured; FGIC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">6,511,740</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="serif">Golden State Tobacco Securitization Corp., Tobacco Settlement</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">7.80%, 6/1/2042</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">8,100,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">8,858,808</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">7.90%, 6/1/2042</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,200,240</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Los Angeles Unified School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">5.25%, 7/1/2020 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">7,200,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">7,893,144</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Oakland 5%, 1/15/2026 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">2,760,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,873,905</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<B><FONT size=2 face="serif">Colorado--3.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Denver City and County, Special Facilities Airport</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Revenue (United Airlines Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">6.875%, 10/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">6,950,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">d</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,646,875</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Northwest Parkway Public Highway Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Revenue 7.125%, 6/15/2041</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">6,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">7,362,900</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Silver Dollar Metropolitan District 7.05%, 12/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">4,935,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,360,792</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Southlands Metropolitan District Number 1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">7.125%, 12/1/2034</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">1,997,360</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<B><FONT size=2 face="serif">Florida--2.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Florida Housing Finance Corp., Housing Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">(Nelson Park Apartments)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">6.40%, 3/1/2040 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">12,380,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">13,112,896</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Orange County Health Facility Authority, HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">(Regional Healthcare Systems) 6%, 10/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,114,740</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<B><FONT size=2 face="serif">Georgia-2.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">Augusta, Water and Sewer Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=54% nowrap>
<FONT size=2 face="serif">5.25%, 10/1/2039 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,177,990</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="serif">Brooks County Development Authority, Sewer Revenue,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

<TABLE><TR><TD nowrap>
<FONT size=2 face="monospace">Page 2</FONT><BR>
</TD></TR></TABLE>


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


<A name="page_3"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Health and Housing Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.70%, 1/20/2039 (Insured; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,445,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,792,955</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Milledgeville-Baldwin County Development Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Georgia College &amp; State Foundation):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6% 9/1/2013</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,090,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,337,122</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6%, 9/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,135,520</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Hawaii--.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Hawaii Department of Transportation, Special Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Caterair International Corp. Project) 10.125%, 12/1/2010</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,200,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,205,344</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Idaho--.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Power County Industrial Development Corp, SWDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(FMC Corp. Project) 6.45%, 8/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,250,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,337,425</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Illinois--9.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Chicago:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.125%, 1/1/2028 (Insured; FGIC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">15,815,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">18,108,808</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Wastewater Transmission Revenue)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6%, 1/1/2030 (Insured; MBIA) (Prerefunded 1/1/2010)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,473,400</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Chicago-O'Hare International Airport, Special Facility Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(American Airlines Inc. Project) 8.20%, 12/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,320,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(United Airlines Inc. Project) 6.75%, 11/1/2011</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">d</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">620,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Illinois Educational Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(University Of Chicago)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.125%, 7/1/2038 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">7,139,650</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Illinois Health Facilities Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Advocate Network Health Care) 6.125%, 11/15/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,020,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,473,818</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(OSF Healthcare System) 6.25%, 11/15/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,730,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">8,198,283</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Swedish American Hospital) 6.875%, 11/15/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,980,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,518,189</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Indiana--2.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Franklin Township Independent School Building Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">First Mortgage 6.125%, 1/15/2022 (Prerefunded 7/15/2010)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">7,664,865</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Indiana Housing Finance Authority, SFMR 5.95%, 1/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">1,690,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">1,738,571</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Petersburg, PCR (Indiana Power and Light)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.375%, 11/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,150,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,378,291</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Kansas--4.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Kansas Development Finance Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Board of Regents-Scientific Resource)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5%, 10/1/2021 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,290,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,662,998</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Health Facility (Sisters of Charity) 6.25%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,369,060</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="monospace">Page 3</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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


<A name="page_4"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Wyandotte County (Kansas University School District No. 500)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">5.25%, 9/1/2015 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">6,455,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,301,186</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Wichita, HR (Christian Health System Inc.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">6.25%, 11/15/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">11,043,300</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Louisiana--.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Parish of Saint James, SWDR (Freeport-McMoRan Partnership</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Project) 7.70%, 10/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">1,390,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">1,392,335</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Maine--.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Maine Housing Authority, Mortgage 5.30%, 11/15/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,335,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,503,084</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Maryland--1.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Maryland Economic Development Corp., Student</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Housing Revenue (University of Maryland):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">6.50%, 6/1/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,276,840</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">5.75%, 10/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,678,245</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Massachusetts--2.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Massachusetts Industrial Finance Agency, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">(Ogden Haverhill Project) 5.60%, 12/1/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,003,840</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Massachusetts Health and Educational Facilities Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">(Civic Investments) 9%, 12/15/2015</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,326,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">(Partners Healthcare System) 5.75%, 7/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,449,700</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Michigan--4.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Michigan Hospital Finance Authority, HR:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">(Ascension Health Credit)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">6.125%, 11/15/2026 (Prerefunded 11/15/2009)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,801,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">(Genesys Health System Obligated Group)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">8.125%, 10/1/2021 (Prerefunded 10/1/2005)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,322,500</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Michigan Strategic Fund:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">RRR (Detroit Edison Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">5.25%, 12/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,128,610</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">SWDR (Genesee Power Station Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">7.50%, 1/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">12,040,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">11,309,533</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Minnesota--2.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Duluth Economic Development Authority, Health</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Care Facilities Revenue (Saint Luke's</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Hospital) 7.25%, 6/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,274,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">Saint Paul Port Authority, Hotel Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">(Radisson Kellogg Project) 7.375%, 8/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,141,810</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="monospace">Page 4</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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


<A name="page_5"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">United Hospital District of Todd, Morrison, Cass</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">and Wadena Counties, General Obligation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Health Care Facilities Revenue (Lakewood</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Health System) 5.125%, 12/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">1,534,005</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Winona, Health Care Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Winona Health) 6%, 7/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,239,600</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Mississippi--3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Claiborne County, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(System Energy Resources, Inc.) 6.20%, 2/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,545,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,545,773</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Mississippi Business Finance Corp., PCR (System Energy</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Resources Inc. Project) 5.875%, 4/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">14,310,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">14,354,218</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Missouri--2.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Missouri Development Finance Board, Infrastructure</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Facilities Revenue (Branson):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.375%, 12/1/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,059,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.50%, 12/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,649,850</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Missouri Health and Educational Facilities Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Health Facilities Revenue (Saint Anthony's</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Medical Center) 6.25%, 12/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,215,818</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Montana--.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Montana Board of Housing, Single Family Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6.45%, 6/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,205,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,262,859</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">Nevada--2.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Washoe County (Reno-Sparks Convention Center)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6.40%, 7/1/2029 (Insured; FSA) (Prerefunded 1/1/2010)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">12,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">14,005,680</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">New Hampshire--2.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">New Hampshire Business Finance Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Public Service Co. of New Hampshire)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6%, 5/1/2021 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,720,650</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">New Hampshire Health and Educational Facilities Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Revenue (Exeter Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">6%, 10/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">1,088,630</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">5.75%, 10/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">1,053,420</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">New Hampshire Industrial Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">(Connecticut Light and Power) 5.90%, 11/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,136,200</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="serif">New Jersey--7.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">New Jersey Economic Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=2 face="serif">Cigarette Tax Revenue 5.75%, 6/15/2034</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,602,175</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="monospace">Page 5</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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


<A name="page_6"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">New Jersey Health Facilities Financing Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Christian Health Care Center) 8.75%, 7/1/2018</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Prerefunded 7/1/2006)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">13,265,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">14,601,581</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">New Jersey Transportation Trust Fund Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Transportation System 5.50%, 6/15/2017</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">9,977,310</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">New Jersey Turnpike Authority, Turnpike Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5%, 1/1/2035 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,576,365</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Tobacco Settlement Financing Corp.:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.75%, 6/1/2039</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,000,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">7%, 6/1/2041</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,054,900</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">New Mexico--1.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Farmington, PCR:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(El Paso Electric Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.375%, 6/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,370,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,469,130</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Tucson Electric Power Co., San Juan)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.95%, 10/1/2020</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,199,960</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">New York--11.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Long Island Power Authority, New York Electric System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">7.637% 12/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">b,c</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">11,615,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">City of New York:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.75%, 8/1/2011 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">8,465,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">9,727,216</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.75%, 8/1/2014</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">9,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">10,647,125</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">New York City Municipal Water Finance Authority, Water</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">and Sewer System Revenue 5.125%, 6/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,138,050</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Tobacco Settlement Financing Corp.:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.50%, 6/1/2020</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">16,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">17,598,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.25%, 6/1/2021 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,396,400</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Triborough Bridge and Tunnel Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.25%, 11/15/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,220,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,493,737</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">North Dakota--.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">North Dakota Housing Finance Agency, Home Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Housing Finance Program) 6.15%, 7/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">1,745,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">1,780,231</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Ohio--5.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Cincinnati , Water System Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5%, 12/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,800,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,990,038</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5%, 12/1/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,132,810</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Cuyahoga County , Revenue 6%, 1/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">814,118</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% nowrap colspan=3>
<FONT size=2 face="monospace">Page 6</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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


<A name="page_7"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Mahoning County, Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Forum Health Obligation Group) 6%, 11/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">7,468,300</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Ohio Air Quality Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Cleveland Electric Illuminating)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">6.10%, 8/1/2020 (Insured; ACA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,163,140</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Ohio Municipal Electric Generation Agency</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Joint Venture 5)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">5%, 2/15/2022 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,768,515</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Ohio Water Development Authority, Pollution Control</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Facilities Revenue (Cleveland Electric</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Illuminating) 6.10%, 8/1/2020 (Insured; ACA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,350,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,586,553</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Toledo Lucas County Port Authority, Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Baxter Global Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">6.25%, 11/1/2013</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,454,296</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=2 face="serif">Oklahoma--2.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Oklahoma Industries Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Health System Obligated Group) 5.75%, 8/15/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">12,230,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">13,520,632</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=2 face="serif">Oregon--3.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Port of Portland, International Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Portland International Airport)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">5.50%, 7/1/2024 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,471,100</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Tigard - Tualatin School District No. 23</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">5.375%, 6/15/2019 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,328,050</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Western Generation Agency, Cogeneration Project Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Wauna Cogeneration Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">7.40%, 1/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">5,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,893,980</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">7.125%, 1/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,900,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,972,616</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=2 face="serif">Pennsylvania--3.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Abington School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">5.125%, 10/1/2034 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,085,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,261,145</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Exempt Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Reliant Energy Seward, LLC Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Series 2002B 6.75%, 12/1/2036</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">7,289,030</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">Series 2003A 6.75%, 12/1/2036</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">1,041,290</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">York County Hospital Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="serif">(Health Center - Lutheran Social Services) 6.50%, 4/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,250,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,257,182</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=2 face="serif">South Carolina--3.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=2 face="serif">Greenville County School District , Installment Purchase Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

<TABLE><TR><TD nowrap>
<FONT size=2 face="monospace">Page 7</FONT><BR>
</TD></TR></TABLE>


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


<A name="page_8"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Building Equity Sooner for Tomorrow):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.875%, 12/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">6,800,580</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.50%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,320</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">8.58%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,810,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">b,c</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">8,810,227</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Greenville Hospital System, Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.50%, 5/1/2026 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,476,600</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Tennessee--4.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Johnson City Health and Educational Facilities Board, HR:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">7.50%, 7/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,982,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">7.50%, 7/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,557,700</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Memphis Center City Revenue Finance Corp., Tennessee Sports</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Facility Revenue (Memphis Redbirds) 6.50%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">10,101,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Tennessee Housing Development Agency (Homeownership</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Program) 6.40%, 7/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,355,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,508,862</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Texas--10.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Alliance Airport Authority Inc., Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(American Airlines Inc. Project) 7.50%, 12/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,752,785</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Austin Convention Enterprises Inc., Convention Center</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Hotel Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.75%, 1/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">5,600,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">5,830,104</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.70%, 1/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">4,283,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.75%, 1/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">6,163,560</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Harris County Health Facilities Development Corp., HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Memorial Hermann Hospital System Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.375%, 6/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">8,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">9,353,400</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Sabine River Authority, PCR (TXU Electric Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.45%, 6/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">11,300,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">12,196,881</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Sam Rayburn Municipal Power Agency, Power Supply</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">System Revenue 5.75%, 10/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">6,630,240</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Texas Department of Housing and Community Affairs,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Collateralized Home Mortgage Revenue 11.691%, 7/2/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
<FONT size=2 face="serif">b</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">2,015,660</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Texas Turnpike Authority, Central Texas Turnpike</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">System Revenue 5.75%, 8/15/2038 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">7,100,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">7,930,771</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Tyler Health Facilities Development Corp., HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(East Texas Medical Center Regional Health Care</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">System Project) 6.75%, 11/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,007,560</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Utah--.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Carbon County, SWDR (Sunnyside Cogeneration)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">7.10%, 8/15/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,027,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="serif">3,964,139</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<FONT size=2 face="monospace">Page 8</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=6% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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


<A name="page_9"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Vermont--.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Vermont Housing Finance Agency, Single Family Housing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.40%, 11/1/2030 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">2,030,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,041,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Virginia--2.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Greater Richmond Convention Center Authority, Hotel Tax</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Revenue (Convention Center Expansion Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.25%, 6/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">10,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">11,881,380</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Washington--3.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Energy Northwest, Wind Project Revenue 5.875%, 7/1/2020</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,215,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Public Utility District No. 1 of Pend Orielle County, Electric</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Revenue 6.375%, 1/1/2015</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">3,755,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">3,897,352</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Seattle, Water System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6%, 7/1/2029 (Insured; FGIC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">11,189,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">West Virginia--3.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Braxton County, SWDR (Weyerhaeuser Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">6.125%, 4/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">14,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">14,786,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">West Virginia Water Development Authority, Water</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Development Revenue 6.375%, 7/1/2039</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">2,250,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,559,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">Wisconsin--5.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Badger Tobacco Asset Securitization Corp., Tobacco</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Settlement Revenue 7%, 6/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">22,995,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">23,532,623</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Madison, IDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Madison Gas &amp; Electric Co.) 5.875%, 10/1/2034</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">2,390,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">2,566,119</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Wisconsin Health and Educational Facilities Authority, Health,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Hospital and Nursing Home Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(Aurora Health Care Inc.) 6.40%, 4/15/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">4,257,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">U. S. Related--1.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Guam Housing Corp., SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">5.75%, 9/1/2031 (Collateralized; FHLMC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">965,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">1,064,057</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=2 face="serif">Puerto Rico Highway and Transportation Authority, Transportation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">Revenue 6%, 7/1/2039 (Prerefunded 7/1/2010)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">6,000,000 a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=2 face="serif">6,939,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENTS--100.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=2 face="serif">(cost $796,025,258)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<B><FONT size=2 face="serif">150.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<B><FONT size=2 face="serif">846,733,226</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="serif">CASH AND RECEIVABLES (NET)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<B><FONT size=2 face="serif">1.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<B><FONT size=2 face="serif">434,355</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=2 face="monospace">Page 9</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

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


<A name="page_10"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=51% nowrap>
<B><FONT size=2 face="serif">Preferred Stock, at Redemption Value</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=27% nowrap>
<B><FONT size=2 face="serif">-50.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=2 face="serif">(285,000,000)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=51% nowrap>
<B><FONT size=2 face="serif">NET ASSETS</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=27% nowrap>
<B><FONT size=2 face="serif">101.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=2 face="serif">562,167,581</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">Notes to Statement of Investments:</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">a Bonds which are prerefunded are collateralized by U.S. Government securities</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">which are held in escrow and are used to pay principal and interest on the municipal</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">issue and to retire the bonds in full at the earliest refunding date.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">b Inverse floater security-the interest rate is subject to change periodically.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">c Securities exempt from registration under Rule 144A of the Securities Act of 1933.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">These securities may be resold in transactions exempt from registration,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">normally to qualified institutional buyers. These securities have been deemed to</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">be liquid by the Investment Adviser. At December 31, 2004 these securities</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">amounted to $30,662,327, 5.5% of net assets.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">d Non-Income producing security - interest payment in default.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">e Securities valuation policies and other investment related disclosures are hereby</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">incorporated by reference the annual and semi annual reports previously filed</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">with the Securities and Exchange Commission on Form N-CSR.</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>

<TABLE><TR><TD nowrap>
<FONT size=2 face="monospace">Page 10</FONT><BR>
</TD></TR></TABLE>


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


<A name="page_11"></A>

<P>
<FONT size=2 face="monospace">Page 11</FONT></P><BR>
<P>
<B><FONT size=2 face="serif">Item 2. Controls and Procedures.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of
this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time
periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial
officers, as appropriate to allow timely decisions regarding required disclosure. </FONT></P>
<P>
<FONT size=2 face="serif">(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over financial reporting.</FONT></P>
<P>
<B><FONT size=2 face="serif">Item 3. Exhibits.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. </FONT></P>

<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">-2- </FONT><BR>
</TD></TR></TABLE>


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




<TABLE><TR><TD width=4>&nbsp;</TD><TD nowrap>
<B><FONT size=2 face="serif">SIGNATURES</FONT></B><BR>
</TD></TR></TABLE>
<P>
<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>
<FONT size=2 face="serif">DREYFUS STRATEGIC MUNICIPALS, INC.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=23% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=74% nowrap>
<U><FONT size=2 face="serif">/s/Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=74% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=74% nowrap>
<FONT size=2 face="serif">President</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=23% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=74% nowrap>
<FONT size=2 face="serif">February 18, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P>
<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 dates indicated. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<U><FONT size=2 face="serif">/s/ Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">February 18, 2005</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<U><FONT size=2 face="serif">/s/ James Windels</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan=3>
<FONT size=2 face="serif">James Windels</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Chief Financial Officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">February 18, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=2 face="serif">EXHIBIT INDEX </FONT></B></P>
<P>
<FONT size=2 face="serif">(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT) </FONT></P>
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">-3- </FONT><BR>
</TD></TR></TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification-853.htm
<DESCRIPTION>CERTIFICATION
<TEXT>



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


<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">SECTION 302 CERTIFICATIONS</FONT></B><BR>
</TD></TR></TABLE>

<P>
<FONT size=2 face="serif">I, Stephen E. Canter, certify that:</FONT></P>
<P>
<FONT size=2 face="serif">1. I have reviewed this report on Form N-Q of DREYFUS STRATEGIC MUNICIPALS, INC.;</FONT></P>
<P>
<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to</FONT></P>
<P>
<FONT size=2 face="serif">state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT size=2 face="serif">3. Based on my knowledge, the schedule of 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></P>
<P>
<FONT size=2 face="serif">4. The registrant'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) for the
registrant and have: </FONT></P>
<P>
<FONT size=2 face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT size=2 face="serif">(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
<FONT size=2 face="serif">(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P>
<FONT size=2 face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT size=2 face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT size=2 face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 align="center" cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<U><FONT size=2 face="serif">/s/ Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">February 18, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<A name="page_2"></A>


<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">SECTION 302 CERTIFICATIONS</FONT></B><BR>
</TD></TR></TABLE>

<P>
<FONT size=2 face="serif">I, James Windels, certify that:</FONT></P>
<P>
<FONT size=2 face="serif">1. I have reviewed this report on Form N-Q of DREYFUS STRATEGIC MUNICIPALS, INC.; </FONT></P>
<P>
<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to</FONT></P>
<P>
<FONT size=2 face="serif">state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT size=2 face="serif">3. Based on my knowledge, the schedule of 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></P>
<P>
<FONT size=2 face="serif">4. The registrant'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) for the
registrant and have: </FONT></P>
<P>
<FONT size=2 face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT size=2 face="serif">(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
<FONT size=2 face="serif">(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P>
<FONT size=2 face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT size=2 face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT size=2 face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 align="center" cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=21% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=76% nowrap>
<U><FONT size=2 face="serif">/s/ James Windels</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan=3>
<FONT size=2 face="serif">James Windels</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=76% nowrap>
<FONT size=2 face="serif">Chief Financial Officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=21% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=76% nowrap>
<FONT size=2 face="serif">February 18, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>4
<FILENAME>report.pdf
<DESCRIPTION>PDF FILE
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