-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IoS1JVGFz3GqYWNDDy8LFwV4I0FjmsZf6ZVwr5QwmYDVi01OfUfmqMsn+EGN/ATQ
 d8RyvID6yLicbWxTzc9V5Q==

<SEC-DOCUMENT>0000855887-05-000011.txt : 20051025
<SEC-HEADER>0000855887-05-000011.hdr.sgml : 20051025
<ACCEPTANCE-DATETIME>20051025114500
ACCESSION NUMBER:		0000855887-05-000011
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050831
FILED AS OF DATE:		20051025
DATE AS OF CHANGE:		20051025
EFFECTIVENESS DATE:		20051025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPAL BOND FUND INC
		CENTRAL INDEX KEY:			0000855887
		IRS NUMBER:				051287040
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05877
		FILM NUMBER:		051153660

	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:		C/O DREYFUS CORP
		STREET 2:		200 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>form825.htm
<DESCRIPTION>QUARTER SCHEDULE
<TEXT>
<HTML>
<HEAD>
   <TITLE>form825</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">


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

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=100% nowrap>
<B><FONT size=2 face="serif">UNITED STATES</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<B><FONT size=2 face="serif">Washington, D.C. 20549</FONT></B>&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">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 811-5877</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% nowrap>
<FONT size=2 face="serif">DREYFUS STRATEGIC MUNICIPAL BOND FUND, 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>
<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">(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=71% nowrap>
<FONT size=2 face="serif">Date of fiscal year end:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=26% nowrap>
<FONT size=2 face="serif">11/30</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap>
<FONT size=2 face="serif">Date of reporting period:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=26% nowrap>
<FONT size=2 face="serif">8/31/05</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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


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

<P align="center">
<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=43% nowrap>
<B><FONT size=2 face="serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Statement of Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">August 31, 2005 (Unaudited)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Long-Term Municipal Investments--141.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=2 face="serif">Amount ($)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=2 face="serif">Value ($)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Alabama--1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Jefferson County, Limited Obligation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">School Warrants 5.50%, 1/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">4,412,480</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Alaska--4.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Alaska Housing Finance Corp.:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">6.25%, 6/1/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">5,640,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">6,000,396</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">6.05%, 6/1/2039 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">11,915,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">12,417,456</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Arizona--.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=67% nowrap colspan=3>
<FONT size=2 face="serif">Apache County Industrial Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">(Tucson Electric Power Co.) 5.85%, 3/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">2,220,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">2,220,710</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Arkansas--1.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Arkansas Development Finance Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">6.25%, 1/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">3,110,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">3,163,772</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Little Rock School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">5.25%, 2/1/2030 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">5,329,750</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">California--9.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">California</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">5.50%, 4/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">5,450,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">6,182,752</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">California Department of Veteran Affairs,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Home Purchase Revenue 5.20%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">5,003,800</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">California Department of Water Resources,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Power Supply Revenue 6%, 5/1/2015</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">11,563,500</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=67% nowrap colspan=3>
<FONT size=2 face="serif">California Health Facilities Financing Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">(Cedars-Sinai Medical Center):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">6.25%, 12/1/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">3,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">4,257,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">5%, 11/15/2018</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">3,925,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">4,194,961</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Golden State Tobacco Securitization Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Enhanced Tobacco Settlement Asset-Backed</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">5%, 6/1/2045</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">8,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">8,869,410</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<B><FONT size=2 face="serif">Colorado--4.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Colorado Health Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">(American Housing Foundation 1, Inc.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">2,015,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">2,048,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">8.50%, 12/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">Colorado Housing and Financing Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=67% nowrap colspan=3>
<FONT size=2 face="serif">(Single Family Program Senior And Subordinate)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=43% nowrap>
<FONT size=2 face="serif">6.60%, 8/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=2 face="serif">2,615,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=2 face="serif">2,724,830</FONT>&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=68% nowrap colspan=3>
<FONT size=2 face="serif">Denver City and County, Special Facilities Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(United Air Lines) 6.875%, 10/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,885,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">b</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,670,818</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Northwest Parkway Public Highway Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(First Tier Subordinated) 7.125%, 6/15/2041</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">7,614,880</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Silver Dollar Metropolitan District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">7.05%, 12/1/2006</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">4,825,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,059,350</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Connecticut--4.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Connecticut Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Connecticut Light and Power) 5.95%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">9,682,380</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Connecticut Health and Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Authority, Revenue (Yale University)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5%, 7/1/2042</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,269,150</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Connecticut Resource Recovery Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(American Refunding-Fuel Company)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.45%, 11/15/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">4,985,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,079,216</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Mohegan Tribe Indians Gaming Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Public Improvement-Priority Distribution</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.25%, 1/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">1,081,570</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">District of Columbia--1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Metropolitan Washington Airports Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Caterair International Corp.) 10.125%, 9/1/2011</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">5,120,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,127,526</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Florida--4.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Florida Housing Finance Corp., Housing Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Seminole Ridge Apartments)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6%, 4/1/2041 (Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">6,415,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,768,210</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Miami-Dade County Expressway Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Toll System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.125%, 7/1/2029 (Insured; FGIC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,243,200</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Orange County Health Facilities Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Adventist Health System) 6.25%, 11/15/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,379,740</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Orlando Regional Healthcare System) 6%, 10/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,731,630</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Georgia--2.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Augusta, Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.45%, 1/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,581,025</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Atlanta Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.25%, 1/1/2025 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,226,860</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Savannah Economic Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">EIR (International Paper Company)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.20%, 8/1/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,670,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,881,731</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Idaho--.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>

<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=47% nowrap>
<FONT size=2 face="serif">Idaho Housing and Finance Association, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">6.35%, 1/1/2030 (Collateralized; FNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">585,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">618,246</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="serif">Illinois--9.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Chicago, Collateralized SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">6.25%, 10/01/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">2,945,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,078,320</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Chicago O'Hare International Airport:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">General Airport Revenue (3rd Lien B-2)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">6%, 1/1/2029 (Insured; XLCA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,685,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Special Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(American Airlines Incorporated)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">8.20%, 12/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,809,600</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Illinois Educational Facilities Authority Revenues:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(Northern University)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">5%, 12/1/2038</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,217,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(University of Chicago)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">5.125%, 7/1/2038 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,248,600</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Illinois Health Facilities Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(Advocate Network Health Care) 6.125%, 11/15/2010</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,674,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(OSF Healthcare Systems) 6.25%, 11/15/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">10,900,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">11,745,513</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="serif">Indiana--1.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Franklin Township School Building Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">6.125%, 7/15/2010</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=10% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,874,680</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="serif">Louisiana--1.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">West Feliciana Parish, PCR (Entergy Gulf States):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">7%, 11/1/2015</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=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,023,370</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">6.60%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">4,700,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,752,170</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="serif">Maryland--1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Maryland Economic Development Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Student Housing Revenue (University of Maryland)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">5.75%, 10/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">2,550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,735,309</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Maryland Industrial Development Financing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Authority, EDR (Medical Waste Associates</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Limited Partnership) 8.75%, 11/15/2010</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">3,710,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,641,223</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="serif">Massachusetts--3.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Massachusetts Development Finance Agency, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(WGBH Educational Foundation)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">5.375%, 1/1/2042 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">5,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,290,327</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Massachusetts Health and Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(Civic Investments) 9%, 12/15/2015</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=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,457,460</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(Partners Healthcare System) 5.75%, 7/1/2032</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=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,329,910</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Massachusetts Housing Finance Agency</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">(Housing) 5%, 6/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">1,039,440</FONT>&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=46% nowrap>
<B><FONT size=2 face="serif">Michigan--3.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Michigan Hospital Finance Authority, HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Genesys Health System Obligated Group)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">8.125%, 10/1/2005</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=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,121,500</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Michigan Strategic Fund, SWDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Genesee Power Station) 7.50%, 1/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">8,450,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">c</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">8,393,300</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">Minnesota--1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Saint Paul Housing and Redevelopement Authority:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Hospital Facility Revenue (HealthEast Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6%, 11/15/2025</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">1,104,770</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6%, 11/15/2035</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,268,830</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">Mississippi--.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Mississippi Business Finance Corp. PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Systems Energy Resources, Inc.) 5.90%, 5/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">3,160,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,248,986</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">Nebraska--.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Nebraska Investment Finance Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">9.742%, 3/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">1,700,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">d,e</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">1,890,485</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">Nevada--3.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Clark County IDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Nevada Power Co. Project) 5.60%, 10/1/2030</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,999,970</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Washoe County:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Reno-Sparks Convention) 6.40%, 1/1/2010</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">8,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">9,046,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Water Facility Revenue (Sierra Pacific Power Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">5%, 3/1/2009</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,101,100</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">New Hampshire--3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New Hampshire Business Finance Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Public Service Co.):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6%, 5/1/2021 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,690,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,914,104</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6%, 5/1/2021 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">6,499,860</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% nowrap colspan=3>
<FONT size=2 face="serif">New Hampshire Industrial Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Connecticut Light) 5.90%, 11/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">5,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,517,828</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">New Jersey--4.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New Jersey Economic Development Authority:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% nowrap colspan=3>
<FONT size=2 face="serif">Special Facilities Revenue (Continental Airlines, Inc. Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6.25%, 9/15/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">3,620,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,345,894</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6.25%, 9/15/2029</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,071,330</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Tobacco Settlement Financing Corp. of New Jersey</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">7%, 6/1/2041</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">10,095,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">12,076,649</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">New York--4.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% 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=68% nowrap colspan=3>
<FONT size=2 face="serif">New York City Industrial Development Agency, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Liberty-7 World Trade Center)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6.25%, 3/1/2015</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,786,425</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New York City Municipal Water Finance Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Water and Sewer System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">5%, 6/15/2037</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,304,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% nowrap colspan=3>
<FONT size=2 face="serif">New York City Transitional Finance Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Future Tax Secured) 5.375%, 11/15/2021</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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,535,200</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New York State Dormitory Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Marymount Manhattan College) 6.25%, 7/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6.25%, 7/1/2029 (Insured; Radian)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,417,840</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Suffolk County Judicial Facility)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">9.50%, 4/15/2014</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">605,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">859,112</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">North Carolina--1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">North Carolina Eastern Municipal Power Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Power Systems Revenue 6.70%, 1/1/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,803,425</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Gaston County Industrial Facilities and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Pollution Control Financing Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% nowrap colspan=3>
<FONT size=2 face="serif">Exempt Facilities Revenue (National Gypsum Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">5.75%, 8/1/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,618,875</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">Ohio--6.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Cuyahoga County, HR (Metrohealth Systems)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6.15%, 2/15/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">11,083,700</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Cuyahoga 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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(UHHS/CSAHS Cuyahoga Inc. and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">CSAHS/UHHS Canton Inc.) 7.50%, 1/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,966,445</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% 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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Forum Health Obligation Group)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6%, 11/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,388,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% 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=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Cleveland Electric Illuminating Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">6.10%, 8/1/2020</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,517,264</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Ohio Housing Finance Agency, Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">9.39%, 3/1/2029 (Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">1,170,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">d,e</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">1,219,737</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Ohio Water Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Cleveland Electric) 6.10%, 8/1/2020</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,195,440</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="serif">Oklahoma--4.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Oklahoma Development Finance Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">(Saint.John Health System) 6%, 2/15/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">9,776,880</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Oklahoma Industries Authority, Health System</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Revenue (Obligation Group):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">5.75%, 8/15/2009 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,105,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,329,772</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">5.75%, 8/15/2029 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=2 face="serif">2,895,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,148,776</FONT>&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=48% nowrap>
<FONT size=2 face="serif">Tulsa Municipal Airport Trust Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(American Airlines Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.65%, 12/1/2008</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,460,801</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Oregon--.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Western Generation Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Cogeneration Project Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Wauna Cogeneration) 7.40%, 1/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">3,250,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">3,299,725</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Pennsylvania--2.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Allegheny County Port Authority, Special Transportation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Revenue 6.125%, 3/1/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">4,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,274,447</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Authority, Exempt Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Reliant Energy) 6.75%, 12/1/2036</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">4,317,920</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Pennsylvania Housing Finance Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Multi-Family Development Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">8.25%, 12/15/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">254,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">254,617</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Pennsylvania Turnpike Commission, Turnpike Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.25%, 12/1/2032 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,695,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,949,893</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Rhode Island--1.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Central Falls Detention Facility Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">7.25%, 7/15/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">1,033,720</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Rhode Island Health and Educational Building</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Corp., Higher Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(University of Rhode Island)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.875%, 9/15/2029 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">5,910,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">6,511,520</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">South Carolina--6.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Greenville County School District,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Installment Purchase Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Residuals-Series 982) 8.25%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">7,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">d,e</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">8,856,225</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Greenville Hospital System, Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.50%, 5/1/2026 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">7,714,140</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Richland County, Environmental Improvement Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(International Paper Co.) 6.10%, 4/1/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">6,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">7,044,570</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">South Carolina Medical Facilities, Hospital Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Revenue 6%, 7/1/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,557,750</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Tennessee--3.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Johnson City Health and Educational Facilities Board, HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(1st Mortgage-Mountain State Health):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">7.50%, 7/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">2,404,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">7.50%, 7/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">4,875,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=2 face="serif">5,821,822</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Memphis Center City Revenue Finance Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% 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=48% nowrap>
<FONT size=2 face="serif">Sports Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Memphis Redbirds) 6.50%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,140,220</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Tennessee Housing Development Agency</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Homeownership Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6%, 1/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">2,190,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,249,393</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="serif">Texas--22.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Arlington, Dallas Cowboys Complex Special Obligations,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Tax Exempt Special Tax 5%, 8/15/2034 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=2 face="serif">c</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,822,315</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Dallas Fort Worth International Airport,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Facility Improvement Corporation Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Bombardier Inc.) 6.15%, 1/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,081,600</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Gregg County Health Facilities Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Corp., HR (Good Shepherd Medical Center)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.375%, 10/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,814,975</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Harris County Health Facilities Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Corp., HR (Memorial Hermann Healthcare)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.375%, 6/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">7,751,450</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Harris County-Houston Sports Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Revenue (Third Lien-A-3)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Zero Coupon, 11/15/2031 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">9,685,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,580,859</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Houston, Airport System Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Continental Airlines, Inc.Terminal E Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.75%, 7/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">1,964,520</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Katy Independent School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.125%, 2/15/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">11,360,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">12,507,019</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Lubbock Texas Housing Financing Corp., SMFR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.70%, 10/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">2,255,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,375,124</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Sabine River Authority, PCR (TXU Electric):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.50%, 5/1/2011</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">5,490,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,879,406</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.45%, 6/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">4,900,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,260,101</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Springhill Courtland Heights Public</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Facility Corp. MFHR 5.85%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">6,030,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,846,990</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Texas:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Veterans) 6%, 12/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">3,935,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,279,627</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">(Veterans Housing Assistance Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">6.10%, 6/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">8,510,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">9,147,484</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Texas Department of Housing and Community Affairs:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Collateralized Home Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">11.052%, 7/2/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=2 face="serif">e</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,047,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Residential Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.35%, 7/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">5,735,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,937,101</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Texas Turnpike Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Central Texas Turnpike System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">5.25%, 5/15/2042 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=2 face="serif">6,775,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">7,361,783</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>

<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=45% nowrap>
<FONT size=2 face="serif">Tomball Hospital Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">6.125%, 7/1/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">3,680,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,731,888</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">(Tomball Regional Hospital) 6%, 7/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">4,650,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">4,844,370</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Tyler Health Facilities Development Corp., HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">(East Texas Medical Center Regional Health)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">6.75%, 11/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">5,850,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,857,196</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Utah--.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Carbon County, SWDR (Sunnyside Cogeneration)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">7.10%, 8/15/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">3,918,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,968,307</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Virginia--6.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Henrico County Industrial Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Revenue (Bon Secours Health System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">9.343%, 8/23/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">7,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=2 face="serif">e</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">11,098,950</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Tobacco Settlement Financing Corp.of Virginia</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">5.625%, 6/1/2037</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">6,810,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">7,078,723</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Virginia Housing Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Rental Housing 6.20%, 8/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">8,520,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">9,114,526</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Washington--3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Energy Northwest, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">(Wind Project) 6%, 1/1/2007</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">3,670,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">3,916,734</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Washington Higher Education Facilities Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Revenue (Whitman College)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">5.875, 10/1/2009</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=10% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">11,042,200</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Wisconsin--5.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Badger Tobacco Asset Securitization Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Tobacco Settlement Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">7%, 6/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">14,570,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">16,682,504</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Wisconsin Health and Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Authority, Revenue (Aurora Health Care)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">6.40%, 4/15/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">5,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">6,147,735</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Wyoming--3.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Sweetwater County, SWDR (FMC Corp.):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">7%, 6/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">2,140,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,163,818</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">6.90%, 9/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">2,465,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">2,492,066</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Wyoming Student Loan Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Student Loan Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">6.20%, 6/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,407,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">6.25%, 6/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=2 face="serif">5,384,850</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">U.S. Related--.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">Children's Trust Fund of Puerto Rico, Tobacco</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">Settlement Revenue, Asset Backed Bonds</FONT>&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=45% nowrap>
<FONT size=2 face="serif">Zero Coupon, 5/15/2055</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=2 face="serif">20,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">686,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Puerto Rico Infrastructure Financing Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Special Tax Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Zero Coupon, 7/1/2035 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=2 face="serif">2,615,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="sans-serif">Total Long-Term Municipal Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">(cost $587,906,908)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=2 face="serif">624,343,677</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="sans-serif">Short-Term Municipal Investments--.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="sans-serif">Alaska;</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">Valdez, Marine Terminal Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">(Exxon Pipeline Co. Project) 2.29%</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<FONT size=2 face="serif">(cost $3,750,000)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=2 face="serif">3,750,000 f</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=2 face="serif">3,750,000</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Total Investments </FONT></B><FONT size=2 face="serif">(cost $591,656,908)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<B><FONT size=2 face="serif">142.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=2 face="serif">628,093,677</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Liabilities, Less Cash and Receivables</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<B><FONT size=2 face="serif">(.4%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=2 face="serif">(1,542,969)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Preferred Stock, at redemption value</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<B><FONT size=2 face="serif">(42.2%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=2 face="serif">(186,000,000)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% nowrap>
<B><FONT size=2 face="serif">Net Assets</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<B><FONT size=2 face="serif">100%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=2 face="serif">440,550,708</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">Notes to Statements of Investments:</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<FONT size=2 face="serif">a</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<FONT size=2 face="serif">These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">earliest refunding date.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<FONT size=2 face="serif">b</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<FONT size=2 face="serif">Non-income producing security, interest payments in default.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<FONT size=2 face="serif">c</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<FONT size=2 face="serif">Purchased on delayed delivery basis.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<FONT size=2 face="serif">d</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<FONT size=2 face="serif">Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">registration, normally to qualified institutional buyers. At August 31, 2005 these securities amounted to $11,966,447 or 2.7% of net assets applicable</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">to common shareholders.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<FONT size=2 face="serif">e</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<FONT size=2 face="serif">Inverse floater security--the interest rate is subject to change periodically.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<FONT size=2 face="serif">f</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<FONT size=2 face="serif">Securities payable on demand. Variable interest rate--subject to periodic change.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">g At August 31, 2005, the fund had $130,069,346 or 29.5% of net assets applicable to common shareholders invested in securities whose payment of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">principal and interest is dependant upon revenues generated from health care projects.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">Securities evaluation policies and other investment related disclosures are hereby incorporated by the reference to the annual and semi-annual reports</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">previously filed with the Securites and Exchange Commission on Form N-CSR.</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>

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













<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>

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



<P align="center">
<TABLE><TR><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 MUNICIPAL BOND FUND, INC.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=22% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=75% nowrap>
<U><FONT size=2 face="serif">/s/ Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=75% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=75% nowrap>
<FONT size=2 face="serif">President</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=75% nowrap>
<FONT size=2 face="serif">October 25, 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=6% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<U><FONT size=2 face="serif">/s/ Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% 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=6% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">October 25, 2005</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<U><FONT size=2 face="serif">/s/ James Windels</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">James Windels</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% 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=6% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">October 25, 2005</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=100% colspan=3>
<B><FONT size=2 face="serif">EXHIBIT INDEX</FONT></B>
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">(a) Certifications of principal executive and principal financial officers as required by Rule 30a-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">2(a) under the Investment Company Act of 1940. (EX-99.CERT)</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>cert852.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
   <TITLE>cert852</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">



<P align="center">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">SECTION 302 CERTIFICATION</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 Municipal Bond Fund, 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 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) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
<FONT size=2 face="serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal 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 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 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">October 25, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<P align="center">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">SECTION 302 CERTIFICATION</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 Municipal Bond Fund, 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 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) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and </FONT></P>
<P>
<FONT size=2 face="serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal 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 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 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">October 25, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

</BODY>

</HTML>

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