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<SEC-DOCUMENT>0000855887-06-000008.txt : 20060801
<SEC-HEADER>0000855887-06-000008.hdr.sgml : 20060801
<ACCEPTANCE-DATETIME>20060801161709
ACCESSION NUMBER:		0000855887-06-000008
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060801
DATE AS OF CHANGE:		20060801
EFFECTIVENESS DATE:		20060801

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05877
		FILM NUMBER:		06994688

	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-CSR
<SEQUENCE>1
<FILENAME>form-852.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>


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<B><FONT size=2 face="serif">UNITED STATES</FONT></B>
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<B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">Washington, D.C. 20549</FONT></B>
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<FONT size=2 face="serif">FORM N-CSR</FONT>&nbsp;
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<FONT size=2 face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</FONT>&nbsp;
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<FONT size=2 face="serif">INVESTMENT COMPANIES</FONT>
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<FONT size=2 face="serif">Investment Company Act file number 811-5877</FONT></P>
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<FONT size=2 face="serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT>&nbsp;
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<FONT size=2 face="serif">(Exact name of Registrant as specified in charter)</FONT>&nbsp;
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<FONT size=2 face="serif">c/o The Dreyfus Corporation</FONT>
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<FONT size=2 face="serif">200 Park Avenue</FONT>
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<FONT size=2 face="serif">New York, New York 10166</FONT>
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<FONT size=2 face="serif">(Address of principal executive offices) (Zip code)</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="serif">Mark N. Jacobs, Esq.</FONT>
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<FONT size=2 face="serif">200 Park Avenue</FONT>
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<FONT size=2 face="serif">New York, New York 10166</FONT>
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<FONT size=2 face="serif">(Name and address of agent for service)</FONT>
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<FONT size=2 face="serif">Registrant's telephone number, including area code: (212) 922-6000 </FONT></P>
<P>
<FONT size=2 face="serif">Date of fiscal year end: 11/30 </FONT></P>
<P>
<FONT size=2 face="serif">Date of reporting period: 5/31/06 </FONT></P>

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<B><FONT size=2 face="serif">FORM N-CSR </FONT></B></P>
<P>
<B><FONT size=2 face="serif">Item 1. Reports to Stockholders. </FONT></B></P>
















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<P align="center">
<B><FONT face="serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></B></P>
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<B><FONT size=2 face="serif">Protecting Your Privacy</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">Our Pledge to You</FONT></B>
        </TD>
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<P>
<B><FONT size=2 face="serif">THE FUND IS COMMITTED TO YOUR PRIVACY. </FONT></B><FONT size=2 face="serif">On this page, you will find the Fund&#146;s policies and practices for collecting, disclosing, and safeguarding &#147;nonpublic personal
information,&#148; which may include financial or other customer information.These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all
previous statements of the Fund&#146;s consumer privacy policy, and may be amended at any time. We&#146;ll keep you informed of changes as required by law.</FONT></P>
<P>
<B><FONT size=2 face="serif">YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. </FONT></B><FONT size=2 face="serif">The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal
information. The Fund&#146;s agents and service providers have limited access to customer information based on their role in servicing your account.</FONT></P>
<P>
<B><FONT size=2 face="serif">THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.</FONT></B></P>
<P>
<FONT size=2 face="serif">The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>
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<FONT size=2 face="serif">&#149;</FONT>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Information we receive from you, such as your name, address, and</FONT>&nbsp;
        </TD>
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&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">social security number.</FONT>&nbsp;
        </TD>
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<FONT size=2 face="serif">&#149;</FONT>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Information about your transactions with us, such as the purchase</FONT>&nbsp;
        </TD>
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        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
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<FONT size=2 face="serif">or sale of Fund shares.</FONT>&nbsp;
        </TD>
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<FONT size=2 face="serif">&#149;</FONT>&nbsp;
        </TD>
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&nbsp;  </TD>
        <TD width=95% nowrap>
<FONT size=2 face="serif">Information we receive from agents and service providers, such</FONT>&nbsp;
        </TD>
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&nbsp;
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&nbsp;  </TD>
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<FONT size=2 face="serif">as proxy voting information.</FONT>&nbsp;
        </TD>
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<P>
<B><FONT size=2 face="serif">THE FUND DOES NOT SHARE NONPUBLIC</FONT></B></P>
<P>
<B><FONT size=2 face="serif">PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</FONT></B></P>
<P>
<B><I><FONT size=2 face="serif">Thank you for this opportunity to serve you.</FONT></I></B></P>
<P>
<FONT size=2 face="serif">The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any
such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus
fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.</FONT></P>
<P>
<FONT size=2 face="serif">Not FDIC-Insured &#149; Not Bank-Guaranteed &#149; May Lose Value</FONT></P>

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<FONT size=7 face="sans-serif">Contents</FONT>
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&nbsp;
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<FONT face="sans-serif">THE FUND</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">2</FONT></B>&nbsp;
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<FONT size=2 face="serif">Letter from the Chairman</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">3</FONT></B>&nbsp;
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<FONT size=2 face="serif">Discussion of Fund Performance</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">6</FONT></B>&nbsp;
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<FONT size=2 face="serif">Statement of Investments</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">21</FONT></B>&nbsp;
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<FONT size=2 face="serif">Statement of Assets and Liabilities</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">22</FONT></B>&nbsp;
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<FONT size=2 face="serif">Statement of Operations</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">23</FONT></B>&nbsp;
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<FONT size=2 face="serif">Statement of Changes in Net Assets</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">24</FONT></B>&nbsp;
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<FONT size=2 face="serif">Financial Highlights</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">26</FONT></B>&nbsp;
        </TD>
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<FONT size=2 face="serif">Notes to Financial Statements</FONT>&nbsp;
        </TD>
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<FONT face="sans-serif">FOR MORE INFORMATION</FONT>&nbsp;
        </TD>
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<FONT size=2 face="serif">Back Cover</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">Dreyfus</FONT></B>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">Strategic Municipal Bond Fund, Inc.</FONT></B>&nbsp;
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<FONT size=7 face="sans-serif">The</FONT>&nbsp;
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<FONT size=7 face="sans-serif">Fund</FONT>&nbsp;
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<P>
<FONT face="sans-serif">LETTER FROM THE CHAIRMAN</FONT></P>
<P>
<FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P>
<FONT size=2 face="serif">We are pleased to present this semiannual report for Dreyfus Strategic Municipal Bond Fund, Inc., covering the six-month period from December 1, 2005, through May 31, 2006.</FONT></P>
<P>
<FONT size=2 face="serif">Since June 2004, the Federal Reserve Board (the &#147;Fed&#148;) has attempted to manage U.S. economic growth and forestall potential inflation by gradually raising short-term interest rates. In our view, the Fed&#146;s
shift from a stimulative monetary policy to a neutral one has so far been successful: the economy has grown at a moderate pace, the unemployment rate has dropped, corporate profits have risen, and inflation has generally remained in check despite
recent cost pressures stemming from higher energy and import prices.</FONT></P>
<P>
<FONT size=2 face="serif">As we near the second half of the year, the financial markets appear more likely to be influenced not by what the Fed already has accomplished, but by investors&#146; expectations of what is to come, including the
Fed&#146;s decision to increase rates further, maintain them at current levels or reduce them to stimulate future growth. We believe that this decision will depend largely on the outlook for core inflation in 2007. The Fed probably can stand pat as
long as it expects inflation to remain subdued. But if inflationary pressures continue to build, the Fed may choose to tighten monetary policy further. As always, we urge you to discuss with your financial advisor the potential implications of these
possibilities on your investments.</FONT></P>
<P>
<FONT size=2 face="serif">For information about how the fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund&#146;s portfolio manager.</FONT></P>
<P>
<FONT size=2 face="serif">Thank you for your continued confidence and support.</FONT></P>
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<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
        </TD>
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<FONT size=2 face="serif">Chairman and Chief Executive Officer</FONT>&nbsp;
        </TD>
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<FONT size=2 face="serif">The Dreyfus Corporation</FONT>&nbsp;
        </TD>
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<FONT size=2 face="serif">June 15, 2006</FONT>&nbsp;
        </TD>
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<B><FONT size=1 face="sans-serif">2</FONT></B><BR>
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<P>
<FONT face="sans-serif">DISCUSSION OF FUND PERFORMANCE</FONT></P>
<P>
<FONT size=2 face="sans-serif">James Welch, Portfolio Manager</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">How did Dreyfus Strategic Municipal Bond Fund perform during the period?</FONT></B></P>
<P>
<FONT size=2 face="serif">For the six-month period ended May 31, 2006, the fund achieved a total return of 3.49% .</FONT><SUP><FONT size=2 face="serif">1 </FONT></SUP><FONT size=2 face="serif">Over the same period, the fund provided aggregate income
dividends of $0.258 per share, which reflects a distribution rate of 5.93% .</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP></P>
<P>
<FONT size=2 face="serif">Longer-term municipal bond prices continued to hold up relatively well amid rising short-term interest rates for much of the reporting period, until intensifying inflation fears led to a bout of market weakness in the
spring of 2006. The fund continued to receive strong income contributions from its core holdings of seasoned municipal bonds, which were purchased at a time when yields were higher than today, as well as lower-rated, corporate-backed
securities.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">What is the fund&#146;s investment approach?</FONT></B></P>
<P>
<FONT size=2 face="serif">The fund seeks to maximize current income exempt from federal income tax to the extent believed by Dreyfus to be consistent with the preservation of capital. In pursuing this goal, the fund invests at least 80% of its
assets in municipal bonds. Under normal market conditions, the weighted average maturity of the fund&#146;s portfolio is expected to exceed 10 years. Municipal bonds are classified as general obligation bonds, revenue bonds and notes. Under normal
market conditions, the fund invests at least 80% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by Dreyfus.</FONT></P>
<P>
<FONT size=2 face="serif">The fund also issues auction rate preferred stock and invests the proceeds in a manner consistent with its investment objective.This has the effect of &#147;leveraging&#148; the portfolio, which can increase the fund&#146;s
performance potential as well as, depending on market conditions, enhance net asset value volatility.</FONT></P>
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<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">3</FONT></B><BR>
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<FONT size=1 face="sans-serif">DISCUSSION OF FUND PERFORMANCE </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">Over time, many of the fund&#146;s older, higher yielding bonds have matured or were redeemed by their issuers. We have generally attempted to replace those bonds with investments consistent with the fund&#146;s investment
policies. We have also sought to upgrade the fund with newly issued bonds that, in our opinion, have better structural or income characteristics than existing holdings. When such opportunities arise, we usually look to sell bonds that are close to
their optimal redemption date or maturity. In addition, we conduct credit analysis of the fund&#146;s holdings in an attempt to avoid potential defaults on interest and principal payments.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">What other factors influenced the fund&#146;s performance?</FONT></B></P>
<P>
<FONT size=2 face="serif">The Federal Reserve Board (the &#147;Fed&#148;) implemented four more increases in the overnight federal funds rate, driving it to 5% by the reporting period&#146;s end. While longer-term bond yields also rose, they
initially climbed less steeply than short-term rates,supporting bond prices and contributing to a further narrowing of yield differences between the short and long ends of the market&#146;s maturity range.A more pronounced rise in long-term yields
beginning in March 2006 was not enough to erase the fund&#146;s positive total returns for the reporting period overall.</FONT></P>
<P>
<FONT size=2 face="serif">The fund&#146;s results also were influenced by supply-and-demand factors in the municipal bond market.The growing U.S. economy benefited most states and municipalities, helping to reduce unemployment and boost corporate
and personal income tax receipts. As a result, the national supply of newly issued bonds moderated compared to the same period one year ago. However, demand from individual and institutional investors generally remained robust, putting downward
pressure on bond yields and supporting their prices.</FONT></P>
<P>
<FONT size=2 face="serif">In this environment, the fund continued to receive strong income contributions from its core holdings of seasoned bonds. Some of those holdings were called by their issuers during the reporting period, and some were
&#147;pre-refunded,&#148; a process in which new securities are issued at lower yields and part of the proceeds is set aside to redeem higher</FONT></P>
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<B><FONT size=1 face="sans-serif">4</FONT></B><BR>
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<P>
<FONT size=2 face="serif">yielding bonds at the earliest available opportunity. Prices of pre-refunded bonds tend to rise. The fund also received strong income contributions from its corporate-backed holdings, including bonds issued on behalf of
airlines, as well as securities backed by the states&#146; settlement of litigation with U.S. tobacco companies.</FONT></P>
<P>
<FONT size=2 face="serif">As yield differences along the market&#146;s maturity spectrum narrowed, we focused more intently on bonds with maturities in the 20-year range while reducing exposure to securities with 10-year maturities. This strategy
helped the fund participate more fully in strength among longer-term securities while managing the risks that longer-dated positions typically entail.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">What is the fund&#146;s current strategy?</FONT></B></P>
<P>
<FONT size=2 face="serif">Although the Fed appears to be near the end of its credit tightening campaign, we believe that one or more additional rate hikes are likely. Indeed, recent economic data have been mixed, with some suggesting that
inflationary pressures are mounting, while others show signs of economic weakness. Therefore, while we generally have maintained the same income-oriented strategy that we employed during the reporting period, we are prepared to alter the fund&#146;s
profile when we become convinced that short-term interest rates have peaked and the U.S. economy is moving to the next phase of its cycle.</FONT></P>
<P>
<FONT size=2 face="serif">June 15, 2006</FONT></P>
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<I><SUP><FONT size=1 face="serif">1</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">Total return includes reinvestment of dividends and any capital gains paid, based upon net asset</FONT></I>&nbsp;
        </TD>
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        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">value per share. Past performance is no guarantee of future results. Income may be subject to state and</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects the absorption</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">of certain expenses by The Dreyfus Corporation pursuant to an undertaking in effect through</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">October 31, 2006. Had these expenses not been absorbed, the fund&#146;s return would have been lower.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<I><SUP><FONT size=1 face="serif">2</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">Distribution rate per share is based upon dividends per share paid from net investment income</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">during the period, divided by the market price per share at the end of the period, adjusted for any</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap>
<I><FONT size=1 face="serif">capital gain distributions.</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">5</FONT></B><BR>
</TD></TR></TABLE>


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


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

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<B><FONT face="sans-serif">STATEMENT OF INVESTMENTS</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=1 face="sans-serif">May 31, 2006 (Unaudited)</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=2 face="sans-serif">Investments&#151;142.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Jefferson County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Limited Obligation School</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Warrants</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">1/1/22</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,278,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;4.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Alaska Housing Finance Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Veterans Mortgage Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,085,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,319,419</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Alaska Housing Finance Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">General Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.05</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/39</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">11,915,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">12,248,858</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Apache County Industrial</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Tucson Electric Power Co.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.85</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">3/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,220,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,220,932</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Arkansas Development Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Authority, SFMR (Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Backed Securities Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">1/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,780,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,785,755</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Little Rock School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">2/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,193,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">California&#151;5.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">California,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">GO</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">4/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,855,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,272,287</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">California,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">GO (Various Purpose)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">11/1/27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,240,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,442,587</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">California Department of Veteran</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Affairs, Home Purchase Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">12/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,002,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">California Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Financing Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Cedars-Sinai Medical Center)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">12/1/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,750,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,096,162</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Chula Vista,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">IDR (San Diego Gas and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Electric Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">12/1/27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,030,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Chula Vista,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">IDR (San Diego Gas and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Electric Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">12/1/27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,525,300</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">6</FONT></B><BR>
</TD></TR></TABLE>

<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=35% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;4.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Colorado Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (American</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Housing Foundation 1, Inc.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/1/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,995,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,059,179</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Colorado Housing Finance Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Collateralized; FHA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.60</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,285,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,376,103</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Denver City and County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Special Facilities Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(United Airlines Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">10/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,885,000 </FONT><SUP><FONT size=1 face="sans-serif">b</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,967,222</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Northwest Parkway Public Highway</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6/15/41</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,575,590</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Silver Dollar Metropolitan District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.05</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/1/06</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,755,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,834,361</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Connecticut&#151;5.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Connecticut</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5/1/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,680,110</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Connecticut Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">PCR (Connecticut Light and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Power Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.95</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">9/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">9,463,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Connecticut Health and Educational</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Yale University Issue)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7/1/42</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,735,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,851,954</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Connecticut Resources Recovery</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority (American REF-FUEL</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Co. of Southeastern</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Connecticut Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.45</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">11/15/22</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,985,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,026,874</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Mohegan Tribe Indians Gaming</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Public</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Improvement-Priority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Distribution</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1/1/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,066,170</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Metropolitan Washington Airports</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Special Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Revenue (Caterair</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">International Corp.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">10.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">9/1/11</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,300,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,305,762</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;4.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Florida Housing Finance Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Housing Revenue (Seminole</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Ridge Apartments)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">4/1/41</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">6,415,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,652,932</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">7</FONT></B><BR>
</TD></TR></TABLE>


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


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

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Florida (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Highlands County Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, HR (Adventist</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Health System/Sunbelt</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Obligated Group)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">11/15/36</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">7,000,000 </FONT><SUP><FONT size=1 face="sans-serif">c</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,253,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Orange County Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, HR (Orlando</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Regional Healthcare System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">10/1/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">70,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">75,541</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Orange County Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, HR (Orlando</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Regional Healthcare System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">10/1/26</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,430,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,610,178</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Orange County Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Adventist</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Health System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">11/15/24</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,285,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;2.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Atlanta,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Airport Revenue (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1/1/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,133,380</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Augusta,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.45</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1/1/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,528,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Georgia Housing and Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.60</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,495,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,568,752</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Savannah Economic Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, EIR (International</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Paper Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8/1/27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,670,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,872,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Idaho&#151;.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Idaho Housing and Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Association, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Collateralized; FNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">570,460</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;10.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Chicago,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">SFMR (Collateralized: FHLMC,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">FNMA and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">10/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,240,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,289,840</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Chicago O&#146;Hare International</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Airport, General Airport</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Revenue (3rd Lien) (Insured;</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">XLCA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1/1/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,499,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Chicago O&#146;Hare International</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Airport, Special Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Revenue (American Airlines</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Inc. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/1/24</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">7,200,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,235,928</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">8</FONT></B><BR>
</TD></TR></TABLE>

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


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

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Illinois (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Illinois Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Chicago</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">University) (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/38</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,128,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Illinois Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Northwestern University)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">12/1/38</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,098,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Illinois Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Authority, Revenue (Advocate</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Health Care Network)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/15/10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,476,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Illinois Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (OSF</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Healthcare System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/15/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">10,900,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">11,876,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Franklin Township School Building</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Corp., First Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/15/10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">6,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,638,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Kansas&#151;.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Burlington,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">PCR (Kansas Gas and Electric</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Co. Project) (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">4.85</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6/1/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,250,000 </FONT><SUP><FONT size=1 face="sans-serif">c</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,268,687</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;1.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">West Feliciana Parish,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">PCR (Entergy Gulf States)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/1/15</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,011,220</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">West Feliciana Parish,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">PCR (Entergy Gulf States)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.60</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">9/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,700,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,751,230</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Maryland Economic Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Corp., Senior Student Housing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue (University of</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Maryland, Baltimore Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">10/1/33</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,439,916</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Maryland Industrial Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Financing Authority, EDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Medical Waste Associates</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Limited Partnership Facility)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/15/10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,710,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,706,816</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;6.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Massachusetts Development Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Agency, Revenue (WGBH</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Foundation)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.38</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1/1/12</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,750,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,264,797</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">9</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_12"></A>

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Health and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Civic</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Investments)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">9.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">12/15/15</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,447,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Health and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Massachusetts Institute of</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Technology)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,606,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Health and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Partners Healthcare</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,235,740</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Housing Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Agency, Housing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,022,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Housing Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Agency, SFHR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">12/1/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,023,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap colspan=3>
<FONT size=1 face="sans-serif">Massachusetts Turnpike Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Metropolitan Highway System</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1/1/37</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,205,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,274,435</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;3.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Charyl Stockwell Academy,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">COP</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.90</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">10/1/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,006,770</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Kent Hospital Finance Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap colspan=3>
<FONT size=1 face="sans-serif">Revenue (Metropolitan Hospital</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,288,960</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Michigan Strategic Fund,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap colspan=3>
<FONT size=1 face="sans-serif">SWDR (Genesee Power Station</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1/1/21</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">8,720,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8,700,031</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Saint Paul Housing and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Redevelopement Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Hospital Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(HealthEast Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/15/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,078,970</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">10</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_13"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Minnesota (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Saint Paul Housing and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Redevelopment Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Hospital Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(HealthEast Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">11/15/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">3,227,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Mississippi Business Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Corp., PCR (Systems Energy</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Resources, Inc.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">5.90</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5/1/22</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,160,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">3,181,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Nebraska&#151;.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Nebraska Investment Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">8.02</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">3/1/26</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,250,000 </FONT><SUP><FONT size=1 face="sans-serif">d,e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1,274,125</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;3.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Clark County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">IDR (Nevada Power Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">5.60</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">10/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">3,015,270</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Washoe County</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Reno-Sparks Convention</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Center) (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6.40</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1/1/10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">8,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8,711,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Washoe County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Water Facility Revenue (Sierra</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Pacific Power Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7/1/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5,031,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">New Hampshire Business Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Authority, PCR (Public Service</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Co.) (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5/1/21</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,690,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">2,834,749</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">New Hampshire Business Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Authority, PCR (Public Service</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Co.) (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5/1/21</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6,322,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">New Hampshire Industrial</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Connecticut Light)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">5.90</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">11/1/16</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5,556,060</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;3.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">New Jersey Economic Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Authority, Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Continental Airlines, Inc. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">9/15/19</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,620,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">4,609,143</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">11</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_14"></A>

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">New Jersey (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">of New Jersey, Tobacco</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Settlement Asset-Backed Bonds</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/41</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">10,095,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">11,443,894</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">New York City Industrial</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Development Agency, Special</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Facility Revenue (American</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Airlines, Inc. John F. Kennedy</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">International Airport Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">8/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,445,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">New York City Industrial</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Development Agency, Special</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Facility Revenue (American</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Airlines, Inc. John F. Kennedy</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">International Airport Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">8/1/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">11,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">12,356,080</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">New York State Dormitory</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Authority, Revenue (Marymount</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Manhattan College) (Insured;</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Radian)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">7/1/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,286,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">New York State Dormitory</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Suffolk</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">County Judicial Facility)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">9.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">4/15/14</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">605,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">817,851</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">North Carolina Eastern Municipal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Power Agency, Power Systems</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.70</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">1/1/19</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,719,075</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;5.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Cuyahoga County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">(UHHS/CSAHS-Cuyahoga, Inc. and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">CSAHS/UHHS-Canton, Inc.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">1/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,856,825</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Cuyahoga County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Hospital Improvement Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(The Metrohealth Systems</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.15</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">2/15/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">10,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">10,709,800</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">12</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_15"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Ohio (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Ohio Air Quality Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Authority, PCR (Cleveland</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Electric Illumimating Co.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Project) (Insured; ACA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/1/20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,481,768</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Ohio Housing Finance Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Residential Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Mortgage-Backed Securities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Program) (Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.15</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">3/1/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,885,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,910,429</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap colspan=3>
<FONT size=1 face="sans-serif">Ohio Water Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Pollution Control Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Revenue (Cleveland Electric</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Illuminating Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Insured; ACA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/1/20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,136,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Oklahoma&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Oklahoma Development Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Saint John</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Health System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">2/15/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">9,503,010</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Oklahoma Industries Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Health System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Obligated Group) (Insured;</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/15/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,105,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,248,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Oklahoma Industries Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Health System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Obligated Group) (Insured;</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/15/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,895,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,063,228</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Oregon&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Oregon,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">GO (Veterans Welfare)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">10/1/42</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,026,560</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Western Generation Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Cogeneration Project Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Wauna Cogeneration Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.40</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1/1/16</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,250,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,261,928</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;1.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Allegheny County Port Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Special Transporation Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">(Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">3/1/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,750,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,093,520</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">13</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_16"></A>

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Pennsylvania Economic Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Financing Authority, Exempt</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Facilities Revenue (Reliant</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Energy Seward, LLC Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/1/36</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,129,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Pennsylvania Housing Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Agency, Multi-Family</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Development Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/15/19</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">249,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">249,543</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Rhode Island Health and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Building Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Higher Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(University of Rhode Island)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">9/15/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,910,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,362,706</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;7.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Greenville County School District,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Installment Purchase Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Building Equity Sooner for</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Tomorrow)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7.27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">12/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">9,500,000 </FONT><SUP><FONT size=1 face="sans-serif">d,e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">11,330,365</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Greenville Hospital System,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5/1/26</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,478,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Medical University of South</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Carolina, Hospital Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7/1/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,372,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Richland County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">EIR (International Paper Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">4/1/23</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">6,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,006,675</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;3.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Johnson City Health and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Facilities Board,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Hospital First Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue (Mountain States</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Health Alliance)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7/1/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,322,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Johnson City Health and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Educational Facilities Board,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Hospital First Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue (Mountain States</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Health Alliance)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7/1/33</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">4,875,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,642,081</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">14</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_17"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=37% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=37% nowrap>
<B><FONT size=1 face="sans-serif">Tennessee (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Memphis Center Revenue Finance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Corp., Sports Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">(Memphis Redbirds)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">9/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,856,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Tennessee Housing Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Agency (Homeownership Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,940,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,958,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;20.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Alliance Airport Authority Inc.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">(American Airlines, Inc.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">7.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">12/1/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,966,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Cities of Dallas and Fort Worth,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Dallas/Fort Worth</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">International Airport,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Facility Improvement Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Revenue (Bombardier Inc.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.15</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1/1/16</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,029,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Gregg County Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Development Corp., HR (Good</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Shephard Medical Center</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Project) (Insured; Radian)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.38</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">10/1/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,730,450</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Harris County Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Development Corp., HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">(Memorial Hermann Healthcare</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.38</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6/1/11</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">7,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,847,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Harris County-Houston Sports</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Third</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Lien-A-3) (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">0.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/15/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">9,685,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,545,993</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Houston,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Combined Utility System First</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Lien Revenue (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5/15/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">7,785,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8,268,449</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Katy Independent School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">(Permanent School Fund</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Guaranteed)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">2/15/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">11,360,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">12,068,296</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Lubbock Texas Housing Financing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Corp., SFMR (Collateralized:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">FNMA and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.70</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">10/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,800,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,851,318</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">Sabine River Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% nowrap>
<FONT size=1 face="sans-serif">PCR (TXU Electric Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">5.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/1/11</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">2,490,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,637,234</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">15</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_18"></A>

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Texas (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Sabine River Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">PCR (TXU Electric Co. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.45</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6/1/21</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,900,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,222,420</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Texas</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Veterans)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">12/1/30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,935,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,154,180</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Texas</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Veterans Housing Assistance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6/1/31</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">8,510,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8,908,013</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Texas Department of Housing and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Community Affairs, Home</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Collateralized: FHLMC, FNMA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">9.87</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/2/24</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,700,000 </FONT><SUP><FONT size=1 face="sans-serif">d</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,714,824</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Texas Department of Housing and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Community Affairs, Residential</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Collateralized: FHLMC, FNMA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/33</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,625,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,726,025</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Texas Turnpike Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Central Texas Turnpike</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/15/42</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">6,775,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,087,328</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Tomball Hospital Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue (Tomball Regional</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Hospital)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">4,650,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,804,891</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Tyler Health Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Development Corp., HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(East Texas Medical Center</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Regional Healthcare</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">System Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">11/1/25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">5,850,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,931,315</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Utah&#151;1.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Carbon County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Solid Waste Disposal Facility</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue (Sunnyside</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Cogeneration Associates</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">7.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/15/23</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">3,918,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,165,108</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Utah Housing Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">5.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/1/37</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">1,640,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">1,643,018</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;6.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Henrico County Industrial</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Development Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">(Bon Secours Health System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8.28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8/23/27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
<FONT size=1 face="sans-serif">7,500,000 </FONT><SUP><FONT size=1 face="sans-serif">d</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">9,701,100</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=1 face="sans-serif">16</FONT></B></P>

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


<A name="page_19"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=2 face="sans-serif">Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Virginia (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp.</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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">of Virginia, Tobacco</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Settlement Asset-Backed Bonds</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.63</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/37</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">6,810,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,979,024</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Virginia Housing Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Authority, Rental Housing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">8/1/24</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">8,520,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8,952,816</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Energy Northwest,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Revenue (Wind Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">1/1/07</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">3,670,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,827,333</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Washington Higher Educational</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Whitman College)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">10/1/09</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">10,000,000 </FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">10,678,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;6.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Securitization Corp., Tobacco</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Settlement Asset-Backed Bonds</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">8.40</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,000,000 </FONT><SUP><FONT size=1 face="sans-serif">d,e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,569,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Securitization Corp., Tobacco</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Settlement Asset-Backed Bonds</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">14,570,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">16,244,093</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Wisconsin Health and Educational</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Aurora Health Care)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.40</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">4/15/33</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">6,022,060</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Wisconsin Health and Educational</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(Marshfield Clinic)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.38</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">2/15/34</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,067,680</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">Wyoming&#151;3.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Sweetwater County,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">SWDR (FMC Corp. Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">5.60</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">12/1/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,225,850</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Wyoming Student Loan Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Student Loan Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/24</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,295,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Wyoming Student Loan Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Student Loan Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">6/1/29</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,281,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><FONT size=1 face="sans-serif">U.S. Related&#151;.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund of Puerto</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Rico, Tobacco Settlement</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Asset-Backed Bonds</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">0.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">5/15/55</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">20,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">675,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Puerto Rico Infrastructure</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Financing Authority, Special</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">Tax Revenue (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">0.00</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
<FONT size=1 face="sans-serif">7/1/35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,468,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Total Long-Term Municipal Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<FONT size=1 face="sans-serif">(cost $588,037,503)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% 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>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<B><FONT size=1 face="sans-serif">612,670,881</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">17</FONT></B></P>

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


<A name="page_20"></A>

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=33% nowrap>
<B><FONT size=2 face="sans-serif">Short-Term Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Coupon</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Maturity</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<B><FONT size=2 face="sans-serif">Investments&#151;.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">Rate (%)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Value ($)</FONT>&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 valign="bottom">
        <TD width=33% nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Mount Vernon,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Pollution Control and Solid</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Waste Disposal Revenue,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Refunding (General Electric</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Company Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">6/1/06</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">1,000,000 </FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">New Orleans,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Sewerage Service, BAN</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2.97</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7/26/06</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,485,175</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Total Short-Term Municipal Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">(cost $3,471,250)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">3,485,175</FONT></B>&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=49% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost $591,508,753)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">143.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">616,156,056</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<B><FONT size=1 face="sans-serif">Cash and Receivables (Net)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">503,373</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Preferred Stock, at redemption value</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">(43.2%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">(186,000,000)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% nowrap>
<B><FONT size=1 face="sans-serif">Net Assets</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">100.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">430,659,429</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><SUP><FONT size=1 face="serif">a </FONT></SUP></I><I><FONT size=1 face="serif">These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><FONT size=1 face="serif">collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><FONT size=1 face="serif">the municipal issue and to retire the bonds in full at the earliest refunding date.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><SUP><FONT size=1 face="serif">b </FONT></SUP></I><I><FONT size=1 face="serif">Non-income producing security; interest payments in default.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><SUP><FONT size=1 face="serif">c </FONT></SUP></I><I><FONT size=1 face="serif">Purchased on a delayed delivery basis.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><SUP><FONT size=1 face="serif">d </FONT></SUP></I><I><FONT size=1 face="serif">Inverse floater security&#151;the interest rate is subject to change periodically.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><SUP><FONT size=1 face="serif">e </FONT></SUP></I><I><FONT size=1 face="serif">Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><FONT size=1 face="serif">transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, these securities</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><FONT size=1 face="serif">amounted to $18,173,540 or 4.2% of net assets.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<I><SUP><FONT size=1 face="serif">f </FONT></SUP></I><I><FONT size=1 face="serif">Securities payable on demand.Variable interest rate&#151;subject to periodic change.</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD width=5>&nbsp;</TD><TD nowrap>
<B><FONT size=1 face="sans-serif">18</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_21"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=49% nowrap colspan=3>
<FONT size=2 face="sans-serif">Summary of Abbreviations</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=7>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">ACA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">American Capital Access</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">AGC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">ACE Guaranty Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">AGIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Asset Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">AMBAC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">American Municipal Bond</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Assurance Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">ARRN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Adjustable Rate Receipt Notes</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">BAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Bond Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">BIGI</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Bond Investors Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">BPA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Bond Purchase Agreement</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">CGIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Capital Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">CIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Continental Insurance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Company</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">CIFG</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">CDC Ixis Financial Guaranty</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">CMAC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Capital Market Assurance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">COP</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Certificate of Participation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">CP</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Commercial Paper</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">EDR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Economic Development Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">EIR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Environmental Improvement</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">FGIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Financial Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">FHA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Federal Housing Administration</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">FHLB</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Federal Home Loan Bank</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">FHLMC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Federal Home Loan Mortgage</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">FNMA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Federal National</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Mortgage Association</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">FSA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Financial Security Assurance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">GAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Grant Anticipation Notes</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">GIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Guaranteed Investment Contract</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">GNMA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Government National</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Mortgage Association</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">GO</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">General Obligation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">HR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Hospital Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">IDB</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Industrial Development Board</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">IDC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Industrial Development Corporation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">IDR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Industrial Development Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">LOC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Letter of Credit</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">LOR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Limited Obligation Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">LR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Lease Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">MBIA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Municipal Bond Investors</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Assurance Insurance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">MFHR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Multi-Family Housing Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">MFMR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Multi-Family Mortgage Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">PCR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Pollution Control Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">RAC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Revenue Anticipation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Certificates</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">RAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Revenue Anticipation Notes</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">RAW</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Revenue Anticipation Warrants</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">RRR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Resources Recovery Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">SAAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">State Aid Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">SBPA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Standby Bond Purchase Agreement</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">SFHR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Single Family Housing Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">SFMR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Single Family Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">SONYMA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">State of New York Mortgage</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Agency</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">SWDR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Solid Waste Disposal Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">TAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Tax Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">TAW</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">Tax Anticipation Warrants</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<B><FONT size=1 face="sans-serif">TRAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Tax and Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
<FONT size=1 face="sans-serif">Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">XLCA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=38% nowrap>
<FONT size=1 face="sans-serif">XL Capital Assurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">19</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_22"></A>

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=75% nowrap colspan=9>
<FONT size=2 face="sans-serif">Summary of Combined Ratings (Unaudited)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=11>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">Fitch</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">or Moody&#146;s</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">or</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">Standard &amp; Poor&#146;s</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">Value (%) </FONT><SUP><FONT size=1 face="sans-serif">&#134;</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
<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 valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">28.2</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Aa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">18.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">13.8</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Baa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">20.3</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">BB</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Ba</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">BB</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">3.3</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<FONT size=1 face="sans-serif">B</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">B</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">B</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">5.6</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">CCC</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Caa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">CCC</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">2.0</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">F1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">MIG1/P1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">SP1/A1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">.4</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% nowrap colspan=3>
<FONT size=1 face="sans-serif">Not Rated </FONT><SUP><FONT size=1 face="sans-serif">g</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Not Rated </FONT><SUP><FONT size=1 face="sans-serif">g</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">Not Rated </FONT><SUP><FONT size=1 face="sans-serif">g</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">7.9</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">100.0</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<I><SUP><FONT size=1 face="serif">&#134;</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=35% nowrap colspan=3>
<I><FONT size=1 face="serif">Based on total investments.</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<I><SUP><FONT size=1 face="serif">g</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=95% nowrap colspan=9>
<I><FONT size=1 face="serif">Securities which, while not rated by Fitch, Moody&#146;s and Standard &amp; Poor&#146;s, have been determined by the Manager to</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=71% nowrap colspan=7>
<I><FONT size=1 face="serif">be of comparable quality to those rated securities in which the fund may invest.</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap colspan=5>
<I><FONT size=1 face="serif">See notes to financial statements.</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">20</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_23"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">STATEMENT OF ASSETS AND LIABILITIES</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=1 face="sans-serif">May 31, 2006 (Unaudited)</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">Cost</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">Value</FONT>&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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Assets ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Investments in securities&#151;See Statement of Investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">591,508,753</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">616,156,056</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Cash</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,145,544</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Interest receivable</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">11,495,239</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Receivable for investment securities sold</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">1,529,427</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Prepaid expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">36,164</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">632,362,430</FONT></B>&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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Liabilities ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Due to The Dreyfus Corporation and affiliates&#151;Note 3(a)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">342,156</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Payable for investment securities purchased</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">15,125,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Dividends payable to Preferred shareholders</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">60,348</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Commissions payable</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">18,254</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Accrued expenses and other liabilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">156,733</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">15,703,001</FONT></B>&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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Auction Preferred Stock, </FONT></B><FONT size=1 face="sans-serif">Series A, B and C, par value</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=81% nowrap colspan=3>
<FONT size=1 face="sans-serif">$.001 per share (7,440 shares issued and outstanding</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">at $25,000 per share liquidation value)&#151;Note 1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">186,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Net Assets applicable to Common Shareholders ($)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">430,659,429</FONT></B>&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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Composition of Net Assets ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Common Stock, par value, $.001 per share</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(48,254,703 shares issued and outstanding)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">48,255</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Paid-in capital</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">436,210,021</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Accumulated undistributed investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">423,384</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Accumulated net realized gain (loss) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">(30,669,534)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Accumulated net unrealized appreciation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(depreciation) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">24,647,303</FONT>&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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Net Assets applicable to Common Shareholders ($)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">430,659,429</FONT></B>&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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Common Shares Outstanding</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=81% nowrap colspan=3>
<FONT size=1 face="sans-serif">(110 million shares of $.001 par value Common Stock authorized)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">48,254,703</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Net Asset Value per share of Common Stock ($)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=1 face="sans-serif">8.92</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=1 face="serif">See notes to financial statements.</FONT></I><BR>
</TD></TR></TABLE>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">21</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_24"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">STATEMENT OF OPERATIONS</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=1 face="sans-serif">Six Months Ended May 31, 2006 (Unaudited)</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=2 face="sans-serif">Investment Income ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Interest Income</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">17,578,156</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Expenses:</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Investment advisory fee&#151;Note 3(a)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">1,538,969</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Administration fee&#151;Note 3(a)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">769,484</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Commission fees&#151;Note 1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">244,798</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Professional fees</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">42,532</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Shareholders&#146; reports</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">34,761</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Directors&#146; fees and expenses&#151;Note 3(b)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">25,462</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Registration fees</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">21,435</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Shareholder servicing costs</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">17,566</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Custodian fees</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">2,696</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Interest expense&#151;Note 2</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">32</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Miscellaneous</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">25,933</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Total Expenses</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">2,723,668</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Less&#151;reduction in investment advisory fee</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">due to undertaking&#151;Note 3(a)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">(307,794)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Less&#151;reduction in custody fees</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">due to earnings credit&#151;Note 1(b)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">(1,611)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Net Expenses</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">2,414,263</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Investment Income&#151;Net</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">15,163,893</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<B><FONT size=2 face="sans-serif">Realized and Unrealized Gain (Loss) on Investments&#151;Note 4 ($):</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">1,434,584</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on financial futures</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">12,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Net Realized Gain (Loss)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">1,446,784</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Net unrealized appreciation (depreciation) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">932,027</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Net Realized and Unrealized Gain (Loss) on Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">2,378,811</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Stock</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">(2,899,657)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Resulting from Operations</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">14,643,047</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=1 face="serif">See notes to financial statements.</FONT></I><BR>
</TD></TR></TABLE>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">22</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_25"></A>

<P>
<FONT face="sans-serif">STATEMENT OF CHANGES IN NET ASSETS</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=48% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">Six Months Ended</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">Year Ended</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">(Unaudited)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">November 30, 2005</FONT>&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>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Operations ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">Investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">15,163,893</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">30,171,570</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">1,446,784</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">3,240,390</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">Net unrealized appreciation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">(depreciation) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">932,027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">3,264,265</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">Dividends on Preferred Stock</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">(2,899,657)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">(4,087,520)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Resulting from Operations</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">14,643,047</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">32,588,705</FONT></B>&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>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders from ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Investment income&#151;net</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">(12,449,714)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">(28,341,929)</FONT></B>&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>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Capital Stock Transactions ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Dividends reinvested&#151;Note 1(c)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">&#151;</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">663,327</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Total Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">2,193,333</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">4,910,103</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Net Assets ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">Beginning of Period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">428,466,096</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">423,555,993</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">End of Period</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">430,659,429</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">428,466,096</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=1 face="sans-serif">Undistributed investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">423,384</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">608,862</FONT>&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>
</TR>
<TR valign="bottom">
        <TD width=75% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Capital Share Transactions (Common Shares):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">Increase in Common Shares Outstanding</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=1 face="sans-serif">as a Result of Dividends Reinvested</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<B><FONT size=1 face="sans-serif">&#151;</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">73,419</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=1 face="serif">See notes to financial statements.</FONT></I><BR>
</TD></TR></TABLE>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">23</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_26"></A>

<P>
<FONT face="sans-serif">FINANCIAL HIGHLIGHTS</FONT></P>
<P>
<FONT size=2 face="serif">The following table describes the performance for the fiscal periods indicated.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all
dividends and distributions.These figures have been derived from the fund&#146;s financial statements, with respect to common stock and market price data for the fund&#146;s common shares.</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=43% nowrap colspan=3>
<FONT size=1 face="sans-serif">Six Months Ended</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap colspan=5>
<FONT size=1 face="sans-serif">Year Ended November 30,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">(Unaudited)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2004</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">2003</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2002</FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">2001</FONT>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<B><FONT size=1 face="sans-serif">Per Share Data ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Net asset value,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">beginning of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.79</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.90</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">8.56</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.75</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">8.60</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Investment Operations:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">.31</FONT><SUP><FONT size=1 face="sans-serif">b</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.63</FONT><SUP><FONT size=1 face="sans-serif">b</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.61</FONT><SUP><FONT size=1 face="sans-serif">b</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">.64</FONT><SUP><FONT size=1 face="sans-serif">b</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.70</FONT><SUP><FONT size=1 face="sans-serif">b</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">.72</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Net realized and unrealized</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">gain (loss) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">.05</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.06)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">.36</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.26)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">.11</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Dividends on Preferred Stock</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">from investment</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">(.06)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.08)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.05)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">(.06)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.07)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">(.12)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Total from</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Investment Operations</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">.30</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.68</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.50</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">.94</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.37</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">.71</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Distributions to</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Common Shareholders:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Dividends from investment</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">(.26)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.59)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.61)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">(.60)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.56)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">(.56)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8.92</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.79</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">8.90</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.56</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">8.75</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<FONT size=1 face="sans-serif">Market value, end of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">8.70</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.16</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">8.41</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">8.81</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">7.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">8.45</FONT>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=27% nowrap>
<B><FONT size=1 face="sans-serif">Total Return (%) </FONT></B><B><SUP><FONT size=1 face="sans-serif">c</FONT></SUP></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">9.85</FONT><SUP><FONT size=1 face="sans-serif">d</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">3.78</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2.48</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">19.89</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">(.36)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">10.72</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">24</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_27"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=42% nowrap colspan=3>
<FONT size=1 face="sans-serif">Six Months Ended</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">May 31, 2006</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=32% nowrap colspan=5>
<FONT size=1 face="sans-serif">Year Ended November 30,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">(Unaudited)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2004</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">2003</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">2002</FONT><SUP><FONT size=1 face="sans-serif">a</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">2001</FONT>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Ratios/Supplemental Data (%):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Ratio of total expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">to average net assets</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">applicable to Common Stock </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1.27</FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">1.26</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">1.26</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">1.28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">1.28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">1.27</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Ratio of net expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">to average net assets</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">applicable to Common Stock </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">1.12</FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">1.12</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">1.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">1.28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">1.28</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">1.27</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">to average net assets</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">applicable to Common Stock </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">7.05</FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">6.98</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">6.96</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">7.35</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">8.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">8.10</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Ratio of total expenses to total</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">average net assets </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">.88</FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.86</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">.89</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">.89</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Ratio of net expenses to total</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">average net assets </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">.78</FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.78</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.86</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">.86</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">.89</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">.89</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">to total average net assets </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">4.93</FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">4.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">4.84</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">5.10</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">5.61</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">5.64</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Portfolio Turnover Rate</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">29.87</FONT><SUP><FONT size=1 face="sans-serif">d</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">44.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">39.94</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">77.92</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">44.71</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">13.36</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% nowrap colspan=3>
<FONT size=1 face="sans-serif">Asset coverage of Preferred Stock,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">end of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">332</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">330</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">328</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">330</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">321</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">326</FONT>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% nowrap colspan=3>
<FONT size=1 face="sans-serif">Net Assets, net of Preferred Stock,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">end of period ($ x 1,000)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">430,659</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">428,466</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">423,556</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">428,301</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">411,369</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">420,009</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">Preferred Stock outstanding,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap>
<FONT size=1 face="sans-serif">end of period ($ x 1,000)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=1 face="sans-serif">186,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">186,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">186,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
<FONT size=1 face="sans-serif">186,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">186,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=1 face="sans-serif">186,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=1% nowrap>
<I><SUP><FONT size=1 face="serif">a</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">As required, effective December 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">Guide for Investment Companies and began accreting discount or amortizing premium on a scientific basis for debt</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">securities on a daily basis.The effect of this change for the period ended November 30, 2002 was to increase net</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">investment income per share and decrease net realized and unrealized gain (loss) on investments per share by less</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">than $.01 and increase the ratio of net investment income to average net assets applicable to common shareholders</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">from 8.08% to 8.10%. Per share data and ratios/supplemental data for periods prior to December 1, 2001 have</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">not been restated to reflect this change in presentation.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<I><SUP><FONT size=1 face="serif">b</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">Based on average common shares outstanding at each month end.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<I><SUP><FONT size=1 face="serif">c</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">Calculated based on market value.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<I><SUP><FONT size=1 face="serif">d</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">Not annualized.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<I><SUP><FONT size=1 face="serif">e</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">Does not reflect the effect of dividends to Preferred Stock shareholders.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=1% nowrap>
<I><SUP><FONT size=1 face="serif">f</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=96% nowrap>
<I><FONT size=1 face="serif">Annualized.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap colspan=3>
<I><FONT size=1 face="serif">See notes to financial statements.</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">25</FONT></B><BR>
</TD></TR></TABLE>


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<A name="page_28"></A>

<P>
<FONT face="sans-serif">NOTES TO FINANCIAL STATEMENTS </FONT><FONT size=1 face="sans-serif">(Unaudited)</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">NOTE 1&#151;Significant Accounting Policies:</FONT></B></P>
<P>
<FONT size=2 face="serif">Dreyfus Strategic Municipal Bond Fund, Inc. (the &#147;fund&#148;) is registered under the Investment Company Act of 1940, as amended (the &#147;Act&#148;), as a diversified closed-end management investment company. The
fund&#146;s investment objective is to maximize current income exempt from federal income tax to the extent believed by the fund&#146;s investment adviser to be consistent with the preservation of capital. The Dreyfus Corporation (the
&#147;Manager&#148; or &#147;Dreyfus&#148;) serves as the fund&#146;s investment adviser. Dreyfus is a wholly-owned subsidiary of Mellon Financial Corporation (&#147;Mellon Financial&#148;). Mellon Trust of New England, N.A. (the
&#147;Custodian&#148;) acts as the fund&#146;s custodian. The Custodian is a wholly-owned subsidiary of Mellon Financial. PFPC Global Fund Services (&#147;PFPC&#148;), a subsidiary of PNC Bank (&#147;PNC&#148;), serves as the fund&#146;s transfer
agent, dividend-paying agent, registrar and plan agent.The fund&#146;s Common Stock trades on the New York Stock Exchange under the ticker symbol DSM.</FONT></P>
<P>
<FONT size=2 face="serif">The fund has outstanding 2,480 shares of Series A, Series B and Series C for a total of 7,440 shares of Auction Preferred Stock (&#147;APS&#148;), with a liquidation preference of $25,000 per share (plus an amount equal to
accumulated but unpaid dividends upon liquidation).APS dividend rates are determined pursuant to periodic auctions. Deutsche Bank Trust Company Americas, as Auction Agent, receives a fee from the fund for its services in connection with such
auctions.The fund also compensates broker-dealers generally at an annual rate of .25% of the purchase price of the shares of APS placed by the broker-dealer in an auction.</FONT></P>
<P>
<FONT size=2 face="serif">The fund is subject to certain restrictions relating to the APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions to common shareholders or repurchasing common shares and/or
could trigger the mandatory redemption of APS at liquidation value.</FONT></P>
<P>
<FONT size=2 face="serif">The holders of the APS, voting as a separate class, have the right to elect at least two directors.The holders of the APS vote as a separate class on certain other matters, as required by law.The fund has desig-</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">26</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_29"></A>

<P>
<FONT size=2 face="serif">nated Robin A. Melvin and John E. Zuccotti to represent holders of APS on the fund&#146;s Board of Directors.</FONT></P>
<P>
<FONT size=2 face="serif">The fund&#146;s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those
estimates.</FONT></P>
<P>
<FONT size=2 face="serif">The fund enters into contracts that contain a variety of indemnifications. The fund&#146;s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these
arrangements.</FONT></P>
<P>
<B><FONT size=2 face="serif">(a) Portfolio valuation: </FONT></B><FONT size=2 face="serif">Investments in municipal debt securities are valued on the last business day of each week and month by an independent pricing service (the
&#147;Service&#148;) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid
prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio
securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers;
and general market conditions. Options and financial futures on municipal securities and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price
on the national securities market on the last business day of each week and month.</FONT></P>
<P>
<B><FONT size=2 face="serif">(b) Securities transactions and investment income: </FONT></B><FONT size=2 face="serif">Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the
identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the</FONT></P>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">27</FONT></B><BR>
</TD></TR></TABLE>


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<A name="page_30"></A>

<P>
<FONT size=1 face="sans-serif">NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<P>
<FONT size=2 face="serif">accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.</FONT></P>
<P>
<FONT size=2 face="serif">The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting
purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.</FONT></P>
<P>
<B><FONT size=2 face="serif">(c) Dividends to shareholders of Common Stock (&#147;Common Shareholder(s)&#148;): </FONT></B><FONT size=2 face="serif">Dividends are recorded on the ex-dividend date. Dividends from investment income-net are declared
and paid monthly. Dividends from net realized capital gain, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of
1986, as amended (the &#147;Code&#148;).To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.</FONT></P>
<P>
<FONT size=2 face="serif">For common shareholders who elect to receive their distributions in additional shares of the fund, in lieu of cash, such distributions will be reinvested at the lower of the market price or net asset value per share (but
not less than 95% of the market price) based on the record date&#146;s respective prices. If the net asset value per share on the record date is lower than the market price per share, shares will be issued by the fund at the record date&#146;s net
asset value on the payable date of the distribution. If net asset value per share is less than 95% of the market value, shares will be issued by the fund at 95% of the market value. If the market price is lower than the net assets value per share on
the record date, PFPC will purchase fund shares in the open market commencing on the payable date and reinvest those shares accordingly. As a result of purchasing fund shares in the open market, fund shares outstanding will not be affected by this
form of reinvestment.</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">28</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_31"></A>

<P>
<FONT size=2 face="serif">On May 30, 2006, the Board of Directors declared a cash dividend of $.043 per share from investment income-net, payable on June 27, 2006 to Common Shareholders of record as of the close of business on June 13,
2006.</FONT></P>
<P>
<B><FONT size=2 face="serif">(d) Dividends to Shareholders of APS: </FONT></B><FONT size=2 face="serif">For APS, dividends are currently reset every 7 days for Series A,B and C.The dividend rates in effect at May 31, 2006 were as follows: Series A
&#151;3.40%, Series B&#151;3.15% and Series C&#151;3.34% .</FONT></P>
<P>
<B><FONT size=2 face="serif">(e) Federal income taxes: </FONT></B><FONT size=2 face="serif">It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the
applicable provisions of the Internal Revenue Code of 1986 as amended, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.</FONT></P>
<P>
<FONT size=2 face="serif">The fund has an unused capital loss carryover of $32,120,749 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to November 30, 2005. If not applied,
$450,592 of the carryover expires in fiscal 2007, $5,542,712 expires in fiscal 2008, $442,201 expires in fiscal 2009, $9,253,314 expires in fiscal 2010, $5,474,907 expires in fiscal 2011 and $10,957,023 expires in fiscal 2012.</FONT></P>
<P>
<FONT size=2 face="serif">The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2005 were as follows: tax exempt income $32,429,449. The tax character of current year distributions will be determined at
the end of the current fiscal year.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">NOTE 2&#151;Bank Line of Credit:</FONT></B></P>
<P>
<FONT size=2 face="serif">The fund participates with other Dreyfus-managed funds in a $100 million unsecured line of credit primarily to be utilized for temporary or emergency purposes. Interest is charged to the fund based on prevailing market
rates in effect at the time of borrowings.</FONT></P>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">29</FONT></B><BR>
</TD></TR></TABLE>


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<A name="page_32"></A>

<P>
<FONT size=1 face="sans-serif">NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<P>
<FONT size=2 face="serif">The average daily amount of borrowings outstanding under the line of credit during the period ended May 31, 2006 was approximately $1,354, with a related weighted average annualized interest rate of 4.69% .</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">NOTE 3&#151;Investment Advisory Fee, Administration Fee and Other Transactions With Affiliates:</FONT></B></P>
<P>
<B><FONT size=2 face="serif">(a) </FONT></B><FONT size=2 face="serif">The fee payable by the fund, pursuant to the provisions of an Investment Advisory Agreement with Dreyfus, is payable monthly based on an annual rate of .50% of the value of the
fund&#146;s average weekly net assets (including net assets representing auction preferred stock outstanding). The fund also has an Administration Agreement with Dreyfus, a Custody Agreement with the Custodian and a Transfer Agency and Registrar
Agreement with PFPC. The fund pays in the aggregate for administration, custody and transfer agency services a monthly fee based on an annual rate of .25% of the value of the fund&#146;s average weekly net assets (including net assets representing
auction preferred stock outstanding); out-of pocket transfer agency and custody expenses are paid separately by the fund.</FONT></P>
<P>
<FONT size=2 face="serif">Dreyfus has agreed from December 1, 2005 through October 31, 2006, to waive receipt of a portion of the fund&#146;s investment advisory fee, in the amount of .10% of the value of the fund&#146;s average weekly net assets
(including net assets representing auction preferred stock outstanding). The reduction in investment advisory fee, pursuant to the undertaking, amounted to $307,794 during the period ended May 31, 2006.</FONT></P>
<P>
<FONT size=2 face="serif">During the period ended May 31, 2006, the fund was charged $1,926 for services performed by the Chief Compliance Officer.</FONT></P>
<P>
<FONT size=2 face="serif">The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $392,092, custodian fees $738 and chief compliance officer fees $1,605, which are offset
against an expense reimbursement currently in effect in the amount of $52,279.</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">30</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_33"></A>

<P>
<B><FONT size=2 face="serif">(b) </FONT></B><FONT size=2 face="serif">Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net
assets.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">NOTE 4&#151;Securities Transactions:</FONT></B></P>
<P>
<FONT size=2 face="serif">The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2006, amounted to $192,054,763 and $180,358,423, respectively.</FONT></P>
<P>
<FONT size=2 face="serif">At May 31, 2006, accumulated net unrealized appreciation on investments was $24,647,303, consisting of $34,587,369 gross unrealized appreciation and $9,940,066 gross unrealized depreciation.</FONT></P>
<P>
<FONT size=2 face="serif">At May 31, 2006, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).</FONT></P>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">31</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_34"></A>

<P>
<FONT size=1 face="sans-serif">NOTES</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">32</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_35"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT face="sans-serif">OFFICERS AND DIRECTORS</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=2 face="sans-serif">D re y f u s S t ra t e g i c M u n i c i p a l</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<FONT size=2 face="sans-serif">B o n d</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=2 face="sans-serif">Fu n d ,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
<FONT size=2 face="sans-serif">I n c .</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">New York, NY 10166</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="sans-serif">Directors</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Portfolio Managers</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Joseph S. DiMartino</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Joseph P. Darcy</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">David W. Burke</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">A. Paul Disdier</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">William Hodding Carter, III</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Douglas J. Gaylor</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Ehud Houminer</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Joseph A. Irace</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Richard C. Leone</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Colleen A. Meehan</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Hans C. Mautner</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">W. Michael Petty</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Robin A. Melvin </FONT><SUP><FONT size=2 face="serif">&#134;</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Scott Sprauer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">John E. Zuccotti </FONT><SUP><FONT size=2 face="serif">&#134;</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">James Welch</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<I><SUP><FONT size=1 face="serif">&#134; </FONT></SUP></I><I><FONT size=1 face="serif">Auction Preferred Stock Directors</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Monica S.Wieboldt</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Bill Vasiliou</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<B><FONT size=2 face="sans-serif">Officers</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">President</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Investment Adviser</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">and Administrator</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Executive Vice Presidents</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">The Dreyfus Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Stephen R. Byers</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">A. Paul Disdier</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Custodian</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Vice President</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Mellon Trust of New England, N.A.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Mark N. Jacobs</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Counsel</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Vice President and Secretary</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Michael A. Rosenberg</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Stroock &amp; Stroock &amp; Lavan LLP</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Vice President and Assistant Secretaries</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Transfer Agent,</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">James Bitetto</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Dividend-Paying Agent,</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Joni Lacks Charatan</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Registrar and Disbursing Agent</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Joseph M. Chioffi</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Janette E. Farragher</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">PFPC Global Fund Services</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">John B. Hammalian</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">(Common Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Robert R Mullery</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Jeff Prusnofsky</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">(Auction Preferred Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Treasurer</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">James Windels</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Auction Agent</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Assistant Treasurers</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Erik D. Naviloff</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">(Auction Preferred Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Robert Robol</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Robert Svagna</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Stock Exchange Listing</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Gavin C. Reilly</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">NYSE Symbol: DSM</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Chief Compliance Officer</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<B><FONT size=2 face="sans-serif">Initial SEC Effective Date</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
<FONT size=2 face="serif">Joseph W. Connolly</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=47% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=50% nowrap>
<FONT size=2 face="serif">11/22/89</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<I><FONT size=1 face="serif">The Net Asset Value appears in the following publications:Barron&#146;s,Closed-End Bond Funds section under the heading &#147;Municipal Bond Funds&#148;every Monday;Wall Street Journal,Mutual Funds section under the
heading &#147;Closed-End Funds&#148;every Monday; NewYork Times,Business section under the heading &#147;Closed-End Bond Funds&#151;Municipal Bond Funds&#148;every Monday.</FONT></I></P>
<P>
<I><FONT size=1 face="serif">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940,as amended,that the fund may purchase shares of its common stock in the open market when it can do so at prices below the then
current net asset value per share.</FONT></I></P>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">33</FONT></B><BR>
</TD></TR></TABLE>


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


<A name="page_36"></A>

<P>
<FONT size=7 face="sans-serif">For More Information</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="sans-serif">Dreyfus Strategic Municipal</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<B><FONT size=2 face="sans-serif">Transfer Agent,</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="sans-serif">Bond Fund, Inc.</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<B><FONT size=2 face="sans-serif">Dividend-Paying Agent,</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<B><FONT size=2 face="sans-serif">Registrar and Disbursing Agent</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New York, NY 10166</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<FONT size=2 face="serif">PFPC Global Fund Services</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="sans-serif">Manager</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<FONT size=2 face="serif">(Common Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<FONT size=2 face="serif">101 Federal Street</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">The Dreyfus Corporation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
<FONT size=2 face="serif">Boston, MA 02110</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New York, NY 10166</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<B><FONT size=2 face="sans-serif">Custodian</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Mellon Trust of</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">New England, N.A.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">One Boston Place</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% nowrap>
<FONT size=2 face="serif">Boston, MA 02108</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=51% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=1 face="sans-serif">The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#147;SEC&#148;) for the first and third quarters of each fiscal year on Form N-Q. The fund&#146;s Forms N-Q are
available on the SEC&#146;s website at http://www.sec.gov and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.</FONT></P>
<P>
<FONT size=1 face="sans-serif">Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2005, is available on the SEC&#146;s website at http://www.sec.gov and without charge, upon
request, by calling 1-800-645-6561.</FONT></P>
<IMG src="gsmbncsrx36x1.jpg" border=0>

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
















<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 2.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Code of Ethics.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 3.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Audit Committee Financial Expert.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 4.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Principal Accountant Fees and Services.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 5.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Audit Committee of Listed Registrants.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 6.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Schedule of Investments.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 7.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Disclosure of Proxy Voting Policies and Procedures for Closed-End Management</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Investment Companies.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 8.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Portfolio Managers of Closed-End Management Investment Companies.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 9.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Purchases of Equity Securities by Closed-End Management Investment Companies</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Affiliated Purchasers.</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=10% nowrap>
<B><FONT size=2 face="serif">Item 10.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=87% nowrap>
<B><FONT size=2 face="serif">Submission of Matters to a Vote of Security Holders.</FONT></B>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a
Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park
Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is
required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and
professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.</FONT></P>

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




<P>
<FONT size=2 face="serif">Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must
be provided regarding the recommended nominee as reasonably requested by the Committee. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 11. Controls and Procedures. </FONT></B></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-CSR 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-CSR 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 second fiscal quarter of the period covered by this report 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 12. Exhibits. </FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=6% nowrap>
<FONT size=2 face="serif">(a)(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
<FONT size=2 face="serif">(a)(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">Certifications of principal executive and principal financial officers as required by Rule 30a-2(a)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">under the Investment Company Act of 1940.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
<FONT size=2 face="serif">(a)(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% nowrap>
<FONT size=2 face="serif">(b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=91% nowrap>
<FONT size=2 face="serif">Certification of principal executive and principal financial officers as required by Rule 30a-2(b)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=99% nowrap colspan=3>
<FONT size=2 face="serif">under the Investment Company Act of 1940.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=2 face="serif">SIGNATURES </FONT></B></P>
<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</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">July 31, 2006</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>

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




<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">July 31, 2006</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">July 31, 2006</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)(2) 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>
<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">(b) Certification 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(b) under the Investment Company Act of 1940. (EX-99.906CERT)</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>7
<FILENAME>ex302-852.htm
<DESCRIPTION>CERTIFICATION 302
<TEXT>

<HTML>
<HEAD>
   <TITLE>ex302-852</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">


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

<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">[EX-99.CERT]&#151;Exhibit (a)(2)</FONT><BR>
</TD></TR></TABLE>

<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-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </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 second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting;</FONT></P>
<P>
<FONT size=2 face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT size=2 face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT size=2 face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 align="center" cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<U><FONT size=2 face="serif">/s/ Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR 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">July 31, 2006</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">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-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </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 second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting;</FONT></P>
<P>
<FONT size=2 face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT size=2 face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT size=2 face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 align="center" cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=21% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=76% nowrap>
<U><FONT size=2 face="serif">/s/ James Windels</FONT></U>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=77% nowrap>
<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">July 31, 2006</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>8
<FILENAME>ex906-852.htm
<DESCRIPTION>CERTIFICATION 906
<TEXT>

<HTML>
<HEAD>
   <TITLE>ex906-852</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">


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

<P>
<FONT size=2 face="serif">[EX-99.906CERT] Exhibit (b)</FONT></P>
<P>
<B><FONT size=2 face="serif">SECTION 906 CERTIFICATIONS </FONT></B></P>
<P>
<FONT size=2 face="serif"> In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that: </FONT></P>
<P>
<FONT size=2 face="serif"> (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and </FONT></P>
<P>
<FONT size=2 face="serif"> (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<U><FONT size=2 face="serif">/s/ Stephen E. Canter</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD width=77% nowrap>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
	</TD>
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<FONT size=2 face="serif">July 31, 2006</FONT>&nbsp;
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<FONT size=2 face="serif">By:</FONT>&nbsp;
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<U><FONT size=2 face="serif">/s/ James Windels</FONT></U>&nbsp;
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<FONT size=2 face="serif">James Windels</FONT>
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&nbsp;
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<FONT size=2 face="serif">Chief Financial Officer</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="serif">Date:</FONT>&nbsp;
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<FONT size=2 face="serif">July 31, 2006</FONT>&nbsp;
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<P>
<I><FONT size=2 face="serif">This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that
section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934. </FONT></I></P>

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