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<SEC-DOCUMENT>0000855887-06-000001.txt : 20060127
<SEC-HEADER>0000855887-06-000001.hdr.sgml : 20060127
<ACCEPTANCE-DATETIME>20060127161032
ACCESSION NUMBER:		0000855887-06-000001
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20051130
FILED AS OF DATE:		20060127
DATE AS OF CHANGE:		20060127
EFFECTIVENESS DATE:		20060127

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:		06558018

	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>ann852.htm
<DESCRIPTION>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;
         </TD>
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<FONT size=2 face="serif">INVESTMENT COMPANIES</FONT>&nbsp;
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<FONT size=2 face="serif">Investment Company Act file number 811-5877</FONT>&nbsp;
         </TD>
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<B><FONT size=2 face="serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></B>&nbsp;
         </TD>
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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>&nbsp;
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<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
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<FONT size=2 face="serif">New York, New York 10166</FONT>&nbsp;
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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>&nbsp;
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<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
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<FONT size=2 face="serif">New York, New York 10166</FONT>&nbsp;
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<FONT size=2 face="serif">(Name and address of agent for service)</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="serif">Registrant's telephone number, including area code: (212) 922-6000</FONT>&nbsp;
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<FONT size=2 face="serif">Date of fiscal year end:</FONT>&nbsp;
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<FONT size=2 face="serif">11/30</FONT>&nbsp;
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<FONT size=2 face="serif">Date of reporting period:</FONT>&nbsp;
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&nbsp;   </TD>
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<FONT size=2 face="serif">11/30/05</FONT>&nbsp;
         </TD>
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<B><FONT size=2 face="serif">FORM N-CSR</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">Item 1.</FONT></B>&nbsp;
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&nbsp;   </TD>
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<B><FONT size=2 face="serif">Reports to Stockholders.</FONT></B>&nbsp;
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&nbsp;   </TD>
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&nbsp;
         </TD>
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<P align="center">
<B><FONT face="serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></B></P>
<P>
<B><FONT size=2 face="serif">Protecting Your Privacy Our Pledge to You</FONT></B></P>
<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>
<P>
<FONT size=2 face="serif">&#149; Information we receive from you, such as your name, address, and social security number.</FONT></P>
<P>
<FONT size=2 face="serif">&#149; Information about your transactions with us, such as the purchase or sale of Fund shares.</FONT></P>
<P>
<FONT size=2 face="serif">&#149; Information we receive from agents and service providers, such as proxy voting
information.</FONT></P>
<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 align="center">
<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>&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;  </TD>
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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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&nbsp;  </TD>
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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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&nbsp;  </TD>
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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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&nbsp;  </TD>
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<FONT size=2 face="serif">Selected Information</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">7</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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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">19</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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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">20</FONT></B>&nbsp;
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&nbsp;  </TD>
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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">21</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=89% nowrap>
<FONT size=2 face="serif">Statement of Changes in Net Assets</FONT>&nbsp;
        </TD>
</TR>
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<B><FONT size=2 face="sans-serif">22</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
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<FONT size=2 face="serif">Financial Highlights</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">24</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
        <TD width=89% nowrap>
<FONT size=2 face="serif">Notes to Financial Statements</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">30</FONT></B>&nbsp;
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&nbsp;  </TD>
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<FONT size=2 face="serif">Report of Independent Registered</FONT>&nbsp;
        </TD>
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&nbsp;
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<FONT size=2 face="serif">Public Accounting Firm</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">31</FONT></B>&nbsp;
        </TD>
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<FONT size=2 face="serif">Additional Information</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">34</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Important Tax Information</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">34</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Proxy Results</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">35</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Information About the Review and Approval</FONT>&nbsp;
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&nbsp;
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&nbsp;  </TD>
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<FONT size=2 face="serif">of the Fund&#146;s Investment Advisory Agreement</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">40</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Board Members Information</FONT>&nbsp;
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<B><FONT size=2 face="sans-serif">42</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
        <TD width=89% nowrap>
<FONT size=2 face="serif">Officers of the Fund</FONT>&nbsp;
        </TD>
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<B><FONT size=2 face="sans-serif">45</FONT></B>&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT size=2 face="serif">Officers and Directors</FONT>&nbsp;
        </TD>
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&nbsp;
        </TD>
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&nbsp;  </TD>
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<FONT face="sans-serif">FOR MORE INFORMATION</FONT>&nbsp;
        </TD>
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&nbsp;
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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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        <TD width=100% nowrap>
<B><FONT size=2 face="sans-serif">Strategic Municipal Bond Fund, Inc.</FONT></B>&nbsp;
        </TD>
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<P align="right">
<FONT size=7 face="sans-serif">The Fund</FONT></P>
<IMG src="gsmbncsrx4x1.jpg" border=0>
<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 annual report for Dreyfus Strategic Municipal Bond Fund, Inc., covering the
12-month period from December 1, 2004, through November 30, 2005. Inside, you&#146;ll find valuable information
about how the fund was managed during the reporting period, including a discussion with the fund&#146;s portfolio manager, James
Welch.</FONT></P>
<P>
<FONT size=2 face="serif">The U.S. economy demonstrated remarkable resiliency over the past year, expanding at a steady pace despite
the headwinds of soaring energy prices, higher interest rates and the dislocations caused by the Gulf Coast
hurricanes. Although yields of longer-term municipal bonds recently have begun to creep upward, low inflation expectations among U.S.
investors, improving fiscal conditions and robust investor demand have helped them withstand the potentially
eroding effects of rising short-term interest rates.</FONT></P>
<P>
<FONT size=2 face="serif">As the end of 2005 approaches, the U.S. economy and financial markets may be reaching an inflection point.
Investors&#146; reactions to a change in leadership at the Federal Reserve Board and the effects of higher fuel
prices on the rate of inflation may set the tone for the U.S. fixed-income markets in 2006.As always, we encourage you to discuss
these and other market forces with your financial advisor.</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">The Dreyfus Corporation</FONT>&nbsp;
        </TD>
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        <TD width=100% nowrap>
<FONT size=2 face="serif">December 15, 2005</FONT>&nbsp;
        </TD>
</TR>
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<B><FONT size=1 face="sans-serif">2</FONT></B><BR>
</TD></TR></TABLE>

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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, Inc. perform during the period?</FONT></B></P>
<P>
<FONT size=2 face="serif">For the 12-month period ended November 30, 2005, the fund achieved a total return of 8.06%
..</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 $0.588 per share, which reflects a distribution rate of 7.21% .</FONT><SUP><FONT size=2
face="serif">2</FONT></SUP></P>
<P>
<FONT size=2 face="serif">We attribute the fund&#146;s performance to the resiliency of longer-term bond prices in a rising
interest-rate environment, which we attribute to persistently low inflation expectations and robust investor demand. While
the fund also benefited from relatively strong income from its seasoned, core holdings, the fund&#146;s board declared a reduced
dividend in August 2005 due to the higher cost of funding its preferred shares and lower levels of investment income
from newly purchased 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>
<P align="right">
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">3</FONT></B><BR>
</TD></TR></TABLE>

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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 fund was influenced during the reporting period by higher short-term interest rates and low inflation
in a moderately growing U.S. economy. As part of its ongoing credit tightening campaign, the Federal Reserve Board
(the &#147;Fed&#148;) increased the overnight federal funds rate eight times during the reporting period, driving it from 2% to 4%.
Contrary to historical norms, however, yields of longer-term bonds did not rise along with interest rates for most of
the reporting period, partly due to persistently low inflation expectations among investors.As a result, prices of longer-term
municipal bonds held up remarkably well as yield differences between shorter- and longer-term securities
narrowed.</FONT></P>
<P>
<FONT size=2 face="serif">In addition, municipal bonds benefited from robust investor demand, including purchases by hedge funds,
insurance companies and other &#147;non-traditional&#148; investors attracted by the market&#146;s generous after-tax
returns.While the supply of newly issued bonds rose to record levels during the reporting period, the additional issuance volume was
easily absorbed by income-oriented investors, lending further support to tax-exempt bond prices.</FONT></P>
<P>
<FONT size=2 face="serif">The fund continued to receive attractive levels of current income from its core holdings of seasoned
municipal bonds, most of which were purchased during a market environment offering higher yields than are available today.
In addition, the fund&#146;s return was supported by its relatively light holdings of shorter-term securities; instead, we
focused</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">4</FONT></B><BR>
</TD></TR></TABLE>

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


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

<P>
<FONT size=2 face="serif">on bonds toward the long end of the market&#146;s maturity range. The fund also benefited when a number of
its premium-priced holdings were &#147;pre-refunded&#148; by issuers seeking to reduce their borrowing costs.
Finally, favorable timing in the tactical trading of lower-rated tax-exempt securities, including bonds backed by health care
facilities and the states&#146; settlement with tobacco companies, made relatively strong contributions to the fund&#146;s
performance.</FONT></P>
<P>
<FONT size=2 face="serif">However, as expected, some of the fund&#146;s higher-yielding core holdings were redeemed early by their
issuers, and we were unable to reinvest in bonds with comparable income characteristics. In addition, the fund&#146;s
leverage strategy has been affected by rising short-term interest rates, which resulted in higher borrowing costs. To adjust for
these changes, the fund&#146;s Board of Directors reduced the fund&#146;s dividend in August 2005.</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">Despite stronger-than-expected economic data, inflation has remained subdued, and the Fed appears to be
closer to the end of its credit tightening campaign.This suggests that most of the Fed&#146;s rate hikes probably are
behind us.Accordingly, we recently have adopted a slightly more assertive investment posture, including a focus on income-oriented,
premium-priced securities with maturities in the 15- to 25-year range.</FONT></P>
<P>
<FONT size=2 face="serif">December 15, 2005</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=2% nowrap>
<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>
</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">value per share. Past performance is no guarantee of future results. Income may be subject to
state</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">and local taxes, and some income may be subject to the federal alternative minimum tax
(AMT)</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">for certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects
the</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">absorption of certain expenses by The Dreyfus Corporation pursuant to an undertaking in
effect</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">through October 31, 2006. Had these expenses not been absorbed, the fund&#146;s return would
have</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">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=72% nowrap>
<FONT size=1 face="sans-serif">Market Price per share November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">$8.16</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Shares Outstanding November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">48,254,703</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">New York Stock Exchange Ticker Symbol</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">DSM</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<B><FONT size=2 face="sans-serif">MARKET PRICE (NEW YORK STOCK EXCHANGE)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=1 face="sans-serif">Fiscal Year Ended November 30, 2005</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<B><FONT size=1 face="sans-serif">Quarter</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">Quarter</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=1 face="sans-serif">Quarter</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<B><FONT size=1 face="sans-serif">Quarter</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<B><FONT size=1 face="sans-serif">Ended</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">Ended</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=1 face="sans-serif">Ended</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<B><FONT size=1 face="sans-serif">Ended</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<B><FONT size=1 face="sans-serif">February 28, 2005 May 31, 2005</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<B><FONT size=1 face="sans-serif">August 31, 2005</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<B><FONT size=1 face="sans-serif">November 30, 2005</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>
<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=19% nowrap>
<FONT size=1 face="sans-serif">High</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">$8.76</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">$8.77</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">$9.53</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">$8.78</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">Low</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">8.25</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">8.27</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">8.65</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">8.05</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">Close</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">8.59</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">8.77</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">8.67</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">8.16</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
<B><FONT size=2 face="sans-serif">PERCENTAGE</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<B><FONT size=2 face="sans-serif">GAIN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=67% nowrap colspan=5>
<B><FONT size=2 face="sans-serif">(LOSS) </FONT></B><FONT size=2 face="sans-serif">based on change in Market Price*</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">November 22, 1989 (commencement of operations)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">145.49%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">December 1, 1995 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">72.53</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">December 1, 2000 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">40.67</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">December 1, 2004 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">3.78</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">March 1, 2005 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">(0.19)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">June 1, 2005 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">(3.94)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">September 1, 2005 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">(4.44)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<B><FONT size=2 face="sans-serif">NET ASSET VALUE PER SHARE</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">November 22, 1989 (commencement of operations)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">$9.32</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap colspan=3>
<FONT size=1 face="sans-serif">November 30, 2004</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">8.79</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap colspan=3>
<FONT size=1 face="sans-serif">February 28, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">8.96</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">May 31, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">9.05</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">August 31, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">9.13</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap colspan=3>
<FONT size=1 face="sans-serif">November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
<FONT size=1 face="sans-serif">8.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% nowrap>
<B><FONT size=2 face="sans-serif">PERCENTAGE</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<B><FONT size=2 face="sans-serif">GAIN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=67% nowrap colspan=5>
<FONT size=2 face="sans-serif">based on change in Net Asset Value*</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">November 22, 1989 (commencement of operations)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">186.66%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">December 1, 1995 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">80.92</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">December 1, 2000 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">44.63</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">December 1, 2004 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">8.06</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">March 1, 2005 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">4.14</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">June 1, 2005 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">1.30</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap colspan=5>
<FONT size=1 face="sans-serif">September 1, 2005 through November 30, 2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
<FONT size=1 face="sans-serif">(1.25)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% nowrap colspan=3>
<SUP><FONT size=1 face="sans-serif">* </FONT></SUP><I><FONT size=1 face="serif">With dividends reinvested.</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=18% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=19% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">SELECTED INFORMATION</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=1 face="sans-serif">November 30, 2005 (Unaudited)</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=1 face="sans-serif">6</FONT></B></P>

<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=100% nowrap>
<FONT face="sans-serif">STATEMENT OF INVESTMENTS</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=1 face="sans-serif">November 30, 2005</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=57% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments&#151;139.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">Value ($)</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=57% nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Jefferson County, Limited Obligation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">School Warrants 5.50%, 1/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">4,296,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;4.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Alaska Housing Finance Corp.:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">6.25%, 6/1/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">5,640,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">5,930,403</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">6.05%, 6/1/2039 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">11,915,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">12,301,999</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=1 face="sans-serif">Apache County Industrial Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(Tucson Electric Power Co.) 5.85%, 3/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">2,220,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,220,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Arkansas Development Finance Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">6.25%, 1/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">3,110,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,142,312</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Little Rock School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">5.25%, 2/1/2030 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">5,245,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">California&#151;8.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">California</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">5.50%, 4/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">5,450,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">5,858,313</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">California Department of Veteran Affairs,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Home Purchase Revenue 5.20%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">5,002,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">California Department of Water Resources,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Power Supply Revenue 6%, 5/1/2012</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% 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=15% nowrap>
<FONT size=1 face="sans-serif">11,374,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=1 face="sans-serif">California Health Facilities Financing Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(Cedars-Sinai Medical Center):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">6.25%, 12/1/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% 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=15% nowrap>
<FONT size=1 face="sans-serif">4,180,312</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">5%, 11/15/2018</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">3,925,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">4,102,841</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Chula Vista, IDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(San Diego Gas Project) 5%, 12/1/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,028,320</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Enhanced Tobacco Settlement Asset-Backed</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">5%, 6/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">3,970,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,988,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;4.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Colorado Health Facilities Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(American Housing Foundation 1, Inc.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">8.50%, 12/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">2,015,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,037,528</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Colorado Housing and Financing Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(Single Family Program Senior</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">and Subordinate) 6.60%, 8/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap>
<FONT size=1 face="sans-serif">2,615,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,693,528</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=1 face="sans-serif">Denver City and County, Special Facilities Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(United Air Lines) 6.875%, 10/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% 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=15% nowrap>
<FONT size=1 face="sans-serif">2,695,744</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">7</FONT></B></P>

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


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

<P>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=60% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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=60% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=1 face="sans-serif">Colorado (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Northwest Parkway Public Highway Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(First Tier Subordinated) 7.125%, 6/15/2041</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">7,556,710</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Silver Dollar Metropolitan District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">7.05%, 12/1/2006</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">4,825,000 </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">4,997,928</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=1 face="sans-serif">Connecticut&#151;4.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Connecticut Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(Connecticut Light and Power) 5.95%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">9,545,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Connecticut Health and Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Yale University)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">5%, 7/1/2042</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">5,144,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Connecticut Resource Recovery Authority</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(American Refunding-Fuel Company)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">6.45%, 11/15/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">5,043,673</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Mohegan Tribe Indians Gaming Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Public Improvement-Priority Distribution</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">6.25%, 1/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">1,071,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Metropolitan Washington Airports Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(Caterair International Corp.) 10.125%, 9/1/2011</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">4,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,505,940</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;4.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Florida Housing Finance Corp., Housing Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(Seminole Ridge Apartments)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">6%, 4/1/2041 (Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">6,666,660</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Miami-Dade County Expressway Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Toll System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">5.125%, 7/1/2029 (Insured; FGIC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">3,369,243</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Orange County Health Facilities Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(Adventist Health System) 6.25%, 11/15/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">3,315,330</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">(Orlando Regional Healthcare System) 6%, 10/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">3,676,365</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;2.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Atlanta, Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">5.25%, 1/1/2025 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">3,140,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Augusta, Airport Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">5.45%, 1/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">2,530,225</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">Savannah Economic Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">EIR (International Paper Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap>
<FONT size=1 face="sans-serif">6.20%, 8/1/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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">2,812,712</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD width=11>&nbsp;</TD><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=58% nowrap>
&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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap colspan=3>
<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 colspan=3>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Idaho&#151;.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Idaho Housing and Finance Association, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6.35%, 1/1/2030 (Collateralized; FNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">585,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">611,483</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;10.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Chicago, SFMR 6.25%, 10/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Collateralized: FHLMC, FNMA and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,590,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,677,231</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Chicago O&#146;Hare International Airport:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">General Airport Revenue (3rd Lien B-2)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6%, 1/1/2029 (Insured; XLCA)</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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,548,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Special Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(American Airlines Inc.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">8.20%, 12/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">8,200,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">7,132,032</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Illinois Educational Facilities Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Northwestern University)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5%, 12/1/2038</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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,087,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(University of Chicago)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5.125%, 7/1/2038 (Insured; MBIA)</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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,134,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Illinois Health Facilities Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Advocate Network Health Care) 6.125%, 11/15/2010</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=3% nowrap>
<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">5,555,350</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(OSF Healthcare Systems) 6.25%, 11/15/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">10,900,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
<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">12,053,329</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;1.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Franklin Township School Building Corp.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6.125%, 7/15/2010</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=3% nowrap>
<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">6,741,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;2.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Louisiana Public Facilities Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">HR (Franciscan Missionaries of Our Lady Health</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">System Project) 5.25%, 8/15/2036</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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,084,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">West Feliciana Parish, PCR (Entergy Gulf States):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">7%, 11/1/2015</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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">3,047,490</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6.60%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">4,700,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">4,747,517</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Maryland Economic Development Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Student Housing Revenue (University of Maryland)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5.75%, 10/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,680,994</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Maryland Industrial Development Financing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Authority, EDR (Medical Waste Associates</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Limited Partnership) 8.75%, 11/15/2010</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">3,710,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2,652,613</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Prince George&#146;s County, Special Obligation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(National Harbor Project) 5%, 7/1/2034</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=3% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">996,260</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 </FONT><I><FONT size=1 face="serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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=59% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;3.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Development Finance Agency, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(WGBH Educational Foundation)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.375%, 1/1/2042 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">5,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">6,139,908</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Health and Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Civic Investments) 9%, 12/15/2015</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">2,428,860</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Partners Healthcare System) 5.75%, 7/1/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">3,256,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Massachusetts Housing Finance Agency</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Housing):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5%, 6/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1,023,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.10%, 6/1/2037</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">900,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">905,229</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;2.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Charyl Stockwell Academy, COP</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6%, 10/1/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">2,007,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Michigan Strategic Fund, SWDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Genesee Power Station) 7.50%, 1/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">8,950,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8,920,376</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;1.0%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Saint Paul Housing and Redevelopment Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Hospital Facility Revenue (HealthEast Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6%, 11/15/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1,074,010</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6%, 11/15/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">3,201,450</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Mississippi Business Finance Corp. PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Systems Energy Resources, Inc.) 5.90%, 5/1/2022</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">3,215,616</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Nebraska&#151;.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Nebraska Investment Finance Authority, SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">8.983%, 3/1/2026</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">1,500,000 </FONT><SUP><FONT size=1 face="sans-serif">c,d</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">1,555,545</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;3.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Clark County, IDR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Nevada Power Co. Project) 5.60%, 10/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">2,978,670</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Washoe County:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Reno-Sparks Convention)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.40%, 1/1/2010 (Insured; FSA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">8,877,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Water Facility Revenue (Sierra Pacific Power Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5%, 3/1/2036</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">5,058,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">New Hampshire Business Finance Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Public Service Co.):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Series D, 6%, 5/1/2021 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">2,871,683</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Series E, 6%, 5/1/2021 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">6,405,240</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=1 face="sans-serif">10</FONT></B></P>

<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=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">Value ($)</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">New Hampshire (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">New Hampshire Industrial Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Connecticut Light) 5.90%, 11/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">5,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">5,512,158</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;4.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">New Jersey Economic Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Continental Airlines, Inc. Project):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.25%, 9/15/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">3,620,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,142,269</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.25%, 9/15/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,318,360</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. of New Jersey</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">7%, 6/1/2041</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">10,095,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">11,470,242</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;1.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">New York City Industrial Development Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Special Facility Revenue (American Airlines, Inc.</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">John F. Kennedy International Airport Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">8%, 8/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,989,830</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">New York State Dormitory Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Marymount Manhattan College)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.25%, 7/1/2029 (Insured; Radian)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">4,338,720</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Suffolk County Judicial Facility)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">9.50%, 4/15/2014</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">605,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">834,404</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Gaston County Industrial Facilities and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Pollution Control Financing Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Exempt Facilities Revenue (National Gypsum</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Co. Project) 5.75%, 8/1/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,597,725</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">North Carolina Eastern Municipal Power Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Power Systems Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.70%, 1/1/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,749,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;6.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Cuyahoga County:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(UHHS/CSAHS&#151;Cuyahoga Inc. and</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">CSAHS/UHHS&#151;Canton Inc. Projects)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">7.50%, 1/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,895,255</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Hospital Improvement Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(The Metrohealth System Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.15%, 2/15/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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=15% nowrap>
<FONT size=1 face="sans-serif">10,891,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Mahoning County, HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Forum Health Obligation Group)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6%, 11/15/2032</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">4,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">4,255,840</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>

<TABLE><TR><TD width=15>&nbsp;</TD><TD nowrap>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=58% nowrap>
&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=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=23% nowrap colspan=3>
<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 colspan=3>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Ohio (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Ohio Air Quality Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Cleveland Electric Illuminating Co.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6.10%, 8/1/2020 (Insured; ACA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,400,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">2,499,072</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Ohio Housing Finance Agency, Residential Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Revenue (Mortgage-Backed Securities Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6.15%, 3/1/2029 (Collateralized; GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,130,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">2,178,394</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Ohio Water Development Authority, PCR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Cleveland Electric) 6.10%, 8/1/2020 (Insured; ACA)</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=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">4,165,120</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Oklahoma&#151;4.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Oklahoma Development Finance Authority, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Saint John Health System) 6%, 2/15/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">9,616,950</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Oklahoma Industries Authority, Health System</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Revenue (Obligation Group):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5.75%, 8/15/2009 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,105,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
<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">2,281,778</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5.75%, 8/15/2029 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,895,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">3,100,053</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Tulsa Municipal Airport Trust Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(American Airlines Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5.65%, 12/1/2035</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,550,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">2,422,934</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Oregon&#151;.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Western Generation Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Cogeneration Project Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Wauna Cogeneration) 7.40%, 1/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">3,250,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">3,294,298</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;2.3%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Allegheny County Port Authority, Special</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Transportation Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">6.125%, 3/1/2009 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">4,750,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
<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">5,184,910</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Pennsylvania Economic Development Financing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Authority, Exempt Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Reliant Energy) 6.75%, 12/1/2036</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=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">4,253,920</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Pennsylvania Housing Finance Agency,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Multi-Family Development Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">8.25%, 12/15/2019</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">254,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">254,584</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;1.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Rhode Island Health and Educational Building</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Corp., Higher Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(University of Rhode Island)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">5.875%, 9/15/2009 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,910,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
<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">6,465,304</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;6.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Greenville County School District,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">Installment Purchase Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=1 face="sans-serif">(Residuals-Series 982) 7.70%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">7,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=5% nowrap>
<SUP><FONT size=1 face="sans-serif">c,d</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=13% nowrap>
<FONT size=1 face="sans-serif">8,529,375</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=1 face="sans-serif">12</FONT></B></P>

<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=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">Amount ($)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">Value ($)</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">South Carolina (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Greenville Hospital System, Hospital Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">5.50%, 5/1/2026 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">7,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">7,526,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Richland County, EIR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(International Paper Co.) 6.10%, 4/1/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">6,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">6,962,800</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">The Medical University of South Carolina, Hospital</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Facilities Revenue 6%, 7/1/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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=15% nowrap>
<FONT size=1 face="sans-serif">5,459,150</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;3.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% nowrap colspan=3>
<FONT size=1 face="sans-serif">Johnson City Health and Educational Facilities Board, HR</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">(1st Mortgage-Mountain State Health):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">7.50%, 7/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,355,620</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">7.50%, 7/1/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">4,875,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">5,691,709</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Memphis Center City Revenue Finance Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Sports Facility Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Memphis Redbirds) 6.50%, 9/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">6,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">6,092,460</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tennessee Housing Development Agency</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Homeownership Program) 6%, 1/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,040,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,077,373</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;21.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Arlington Dallas Cowboys Complex Special</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Obligations, Tax Exempt Special Tax</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">5%, 8/15/2034 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">3,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,728,025</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Dallas Fort Worth International Airport,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Facility Improvement Corp. Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Bombardier Inc.) 6.15%, 1/1/2016</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">3,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">3,053,580</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Gregg County Health Facilities Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Corp., HR (Good Shepherd Medical Center)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.375%, 10/1/2025 (Insured; Radian)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,756,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Harris County Health Facilities Development</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Corp., HR (Memorial Hermann Healthcare)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.375%, 6/1/2011</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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=15% nowrap>
<FONT size=1 face="sans-serif">7,942,480</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Harris County-Houston Sports Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Revenue (Third Lien-A-3)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">Zero Coupon, 11/15/2031 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">9,685,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,443,235</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Houston, Airport System Special Facilities Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Continental Airlines, Inc. Terminal E Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.75%, 7/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">1,807,280</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Katy Independent School District</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Permanent School Fund Guaranteed)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.125%, 2/15/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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=15% nowrap>
<FONT size=1 face="sans-serif">12,280,160</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Lubbock Housing Financing Corp., SFMR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">6.70%, 10/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">(Collateralized: FNMA and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,005,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">2,085,741</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">13</FONT></B></P>

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


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

<TABLE><TR><TD width=10>&nbsp;</TD><TD nowrap>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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=59% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Texas (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Sabine River Authority, PCR (TXU Electric):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.50%, 11/1/2011</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">2,648,215</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.45%, 6/1/2021</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">5,245,009</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Springhill Courtland Heights Public</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Facility Corp., MFHR 5.85%, 12/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">6,030,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,755,394</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Texas:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Veterans) 6%, 12/1/2030</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">4,188,453</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Veterans Housing Assistance Program)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.10%, 6/1/2031</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">8,982,305</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Texas Department of Housing and Community Affairs:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Home Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Collateralized: FHLMC, FNMA and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">10.778%, 7/2/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">2,000,000 </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">2,018,780</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Residential Mortgage Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.35%, 7/1/2033 (Collateralized:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">FHLMC, FNMA and GNMA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">5,735,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">5,849,757</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Texas Turnpike Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Central Texas Turnpike System Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.25%, 5/15/2042 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">7,103,520</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tomball Hospital Authority, Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.125%, 12/15/2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">3,680,000 </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">3,684,269</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Tomball Regional Hospital) 6%, 7/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">4,821,818</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tyler Health Facilities Development Corp., HR</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(East Texas Medical Center Regional Healthcare</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">System Project) 6.75%, 11/1/2025</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">5,852,574</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Utah&#151;.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Carbon County, SWDR (Sunnyside Cogeneration)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">7.10%, 8/15/2023</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">3,924,073</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;7.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Greater Richmond Convention Center Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Hotel Tax Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5%, 6/15/2021 (Insured; MBIA)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% 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">5,265,450</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Henrico County Industrial Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Revenue (Bon Secours Health System)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">8.532%, 8/23/2027</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=21% nowrap>
<FONT size=1 face="sans-serif">7,500,000 </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">9,917,250</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD width=10>&nbsp;</TD><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=59% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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=59% nowrap>
<B><FONT size=2 face="sans-serif">Long-Term Municipal Investments (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Virginia (continued)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. of Virginia</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Asset-Backed</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.625%, 6/1/2037</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">6,810,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">6,829,885</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Virginia Housing Development Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Rental Housing 6.20%, 8/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">8,520,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">9,014,075</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;3.4%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Energy Northwest, Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(Wind Project) 6%, 1/1/2007</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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=16% nowrap>
<FONT size=1 face="sans-serif">3,880,805</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Washington Higher Education Facilities Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Revenue (Whitman College)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">5.875%, 10/1/2009</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% 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=16% nowrap>
<FONT size=1 face="sans-serif">10,860,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;5.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Revenue 7%, 6/1/2028</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">14,570,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">16,132,487</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Wisconsin Health and Educational Facilities</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Authority, Revenue (Aurora Health Care)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.40%, 4/15/2033</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">5,500,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">6,004,020</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Wyoming&#151;3.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Sweetwater County, SWDR (FMC Corp.):</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">7%, 6/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">2,140,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,154,530</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.90%, 9/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">2,465,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,486,297</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Wyoming Student Loan Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Student Loan Revenue:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.20%, 6/1/2024</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,333,650</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">6.25%, 6/1/2029</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">5,317,550</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">U.S. Related&#151;.7%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund of Puerto Rico, Tobacco</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Settlement Revenue, Asset Backed Bonds</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Zero Coupon, 5/15/2055</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">20,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">661,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Puerto Rico Infrastructure Financing</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Authority, Special Tax Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">Zero Coupon, 7/1/2035 (Insured; AMBAC)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,333,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<B><FONT size=1 face="sans-serif">Total Long-Term Municipal Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% nowrap>
<FONT size=1 face="sans-serif">(cost $575,144,025)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">598,917,076</FONT></B>&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>

<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=57% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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=57% nowrap>
<B><FONT size=2 face="sans-serif">Short-Term Municipal Investments&#151;1.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">California&#151;.1%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">California Pollution Control Financing Authority,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">PCR (Pacific Gas and Electric Corp.)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">2.96% (LOC; JPMorgan Chase Bank)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">300,000 </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;.5%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">New Orleans, Sewage Service, BAN</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">3%, 7/26/2006</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">2,413,475</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;1.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Bell County Health Facilities Development Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=81% nowrap colspan=3>
<FONT size=1 face="sans-serif">HR (Scott and White Memorial Hospital and Scott,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Sherwood and Brindley Foundation Project)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">3% (Insured; MBIA and Liquidity Facility;</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">JPMorgan Chase Bank)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">2,300,000 </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,300,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Harris County Health Facilities Development Corp.,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">Revenue (The Methodist Hospital System) 3%</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">2,900,000 </FONT><SUP><FONT size=1 face="sans-serif">e</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">2,900,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Total Short-Term Municipal Investments</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<FONT size=1 face="sans-serif">(cost $7,971,250)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">7,913,475</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>
        <TD colspan=5>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost $583,115,275)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">141.6%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">606,830,551</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Cash and Receivables (Net)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">1.8%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<B><FONT size=1 face="sans-serif">7,635,545</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% nowrap>
<B><FONT size=1 face="sans-serif">Preferred Stock, at redemption value</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<B><FONT size=1 face="sans-serif">(43.4%)</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=57% nowrap>
<B><FONT size=1 face="sans-serif">Net Assets</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% 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">428,466,096</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">16</FONT></B><BR>
</TD></TR></TABLE>

<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=47% nowrap colspan=3>
<FONT size=2 face="sans-serif">Summary of Abbreviations</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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=36% nowrap>
<FONT size=1 face="sans-serif">American Capital Access</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">GIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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">AGC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">ACE Guaranty Corporation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">GNMA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Government National Mortgage</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=36% nowrap>
<FONT size=1 face="sans-serif">Asset Guaranty Insurance Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Association</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">AMBAC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">American Municipal Bond</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">GO</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">General Obligation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Assurance Corporation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">HR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Hospital Revenue</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=36% nowrap>
<FONT size=1 face="sans-serif">Adjustable Rate Receipt Notes</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">IDB</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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">BAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Bond Anticipation Notes</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">IDC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Industrial Development Corporation</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=36% nowrap>
<FONT size=1 face="sans-serif">Bond Investors Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">IDR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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">BPA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Bond Purchase Agreement</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">LOC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Letter of Credit</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=36% nowrap>
<FONT size=1 face="sans-serif">Capital Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">LOR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Limited Obligation Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">LR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Lease Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">CIC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Continental Insurance Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">MBIA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Municipal Bond Investors Assurance</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=36% nowrap>
<FONT size=1 face="sans-serif">CDC Ixis Financial Guaranty</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Insurance Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">CMAC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Capital Market Assurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">MFHR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Multi-Family Housing Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Corporation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">MFMR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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">COP</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Certificate of Participation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">PCR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Pollution Control Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">CP</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Commercial Paper</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">RAC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue Anticipation Certificates</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=36% nowrap>
<FONT size=1 face="sans-serif">Economic Development Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">RAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">EIR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Environmental Improvement</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">RAW</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Revenue Anticipation Warrants</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Revenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">RRR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Resources Recovery 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=36% nowrap>
<FONT size=1 face="sans-serif">Financial Guaranty Insurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">SAAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">State Aid Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Company</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">SBPA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Standby Bond Purchase Agreement</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">FHA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Federal Housing Administration</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">SFHR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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">FHLB</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Federal Home Loan Bank</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">SFMR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Single Family Mortgage Revenue</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">FHLMC</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Federal Home Loan Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">SONYMA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">State of New York Mortgage Agency</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Corporation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">SWDR</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Solid Waste Disposal Revenue</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=36% nowrap>
<FONT size=1 face="sans-serif">Federal National Mortgage</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">TAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Tax Anticipation Notes</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Association</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">TAW</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Tax Anticipation Warrants</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% nowrap>
<B><FONT size=1 face="sans-serif">FSA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=36% nowrap>
<FONT size=1 face="sans-serif">Financial Security Assurance</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">TRAN</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">Tax and Revenue Anticipation Notes</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=36% nowrap>
<FONT size=1 face="sans-serif">Grant Anticipation Notes</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=12% nowrap>
<B><FONT size=1 face="sans-serif">XLCA</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% nowrap>
<FONT size=1 face="sans-serif">XL Capital Assurance</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">17</FONT></B><BR>
</TD></TR></TABLE>

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


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

<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">STATEMENT OF INVESTMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=74% nowrap colspan=7>
<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=9>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=21% nowrap colspan=3>
<FONT size=1 face="sans-serif">Fitch or</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Moody&#146;s</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">or 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>
</TR>
<TR valign="bottom">
        <TD width=21% nowrap colspan=3>
<FONT size=1 face="sans-serif">AAA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Aaa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">27.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=21% nowrap colspan=3>
<FONT size=1 face="sans-serif">AA</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Aa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">16.7</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=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">A</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">15.1</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=21% nowrap colspan=3>
<FONT size=1 face="sans-serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Baa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">24.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<FONT size=1 face="sans-serif">BB</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Ba</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">3.2</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=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">B</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">3.1</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=21% nowrap colspan=3>
<FONT size=1 face="sans-serif">CCC</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Caa</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">1.2</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<FONT size=1 face="sans-serif">F1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">MIG1/P1</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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">.9</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=21% nowrap colspan=3>
<FONT size=1 face="sans-serif">Not Rated </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">Not Rated </FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% nowrap>
<FONT size=1 face="sans-serif">Not Rated </FONT><SUP><FONT size=1 face="sans-serif">f</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=22% nowrap>
<FONT size=1 face="sans-serif">7.8</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=17% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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>
        <TD colspan=9>
&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=33% 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">a</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=94% nowrap colspan=7>
<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=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=94% nowrap colspan=7>
<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=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=70% nowrap colspan=5>
<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>
        <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">b</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=70% nowrap colspan=5>
<I><FONT size=1 face="serif">Non-income producing security, interest payments in default.</FONT></I>&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">c</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=70% nowrap colspan=5>
<I><FONT size=1 face="serif">Inverse floater security&#151;the interest rate is subject to change periodically.</FONT></I>&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">d</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=94% nowrap colspan=7>
<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=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=94% nowrap colspan=7>
<I><FONT size=1 face="serif">transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2005,
these</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=94% nowrap colspan=7>
<I><FONT size=1 face="serif">securities amounted to $10,084,920 or 2.4% of net assets applicable to common
shareholders.</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<I><SUP><FONT size=1 face="serif">e</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=70% nowrap colspan=5>
<I><FONT size=1 face="serif">Securities payable on demand.Variable interest rate&#151;subject to periodic change.</FONT></I>&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">f</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=94% nowrap colspan=7>
<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=70% nowrap colspan=5>
<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=33% 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">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=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">November 30, 2005</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">583,115,275</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<FONT size=1 face="sans-serif">606,830,551</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">9,934</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">11,138,847</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">2,046,392</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">9,455</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">620,035,179</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">329,031</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">5,025,585</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">52,742</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">9,354</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">152,371</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">5,569,083</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">428,466,096</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">608,862</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">(32,116,318)</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">23,715,276</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">428,466,096</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">8.88</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">19</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_22"></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">Year Ended November 30, 2005</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">34,998,413</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">3,092,396</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">1,546,198</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">463,512</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">95,930</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">83,780</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">60,639</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">42,106</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">4,076</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">3,231</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">1,308</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">52,715</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">5,445,891</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">(618,479)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Less&#151;reduction in custody fees due to</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">earnings credit&#151;Note 1(b)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">(569)</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">4,826,843</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">30,171,570</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">3,487,743</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">(97,416)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on options transactions</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=25% nowrap>
<FONT size=1 face="sans-serif">(149,937)</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">3,240,390</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">3,264,265</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">6,504,655</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">(4,087,520)</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">32,588,705</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">20</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_23"></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=49% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=48% nowrap colspan=3>
<FONT size=1 face="sans-serif">Year Ended November 30,</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">2004</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=49% nowrap>
<B><FONT size=1 face="sans-serif">Operations ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">30,171,570</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">29,535,768</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">3,240,390</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">(10,960,231)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Net unrealized appreciation</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">(depreciation) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">3,264,265</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">7,950,648</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Dividends on Preferred Stock</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">(4,087,520)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">(2,461,855)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% 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=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">Resulting from Operations</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">32,588,705</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<B><FONT size=1 face="sans-serif">24,064,330</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=77% 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=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">Investment income&#151;net</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">(28,341,929)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<B><FONT size=1 face="sans-serif">(29,477,516)</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=49% nowrap>
<B><FONT size=1 face="sans-serif">Capital Stock Transactions ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">Dividends reinvested&#151;Note 1(c)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">663,327</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<B><FONT size=1 face="sans-serif">668,162</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">Total Increase (Decrease) in Net Assets</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">4,910,103</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<B><FONT size=1 face="sans-serif">(4,745,024)</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">Net Assets ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Beginning of Period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">423,555,993</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">428,301,017</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">End of Period</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<B><FONT size=1 face="sans-serif">428,466,096</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<B><FONT size=1 face="sans-serif">423,555,993</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Undistributed investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
<FONT size=1 face="sans-serif">608,862</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<FONT size=1 face="sans-serif">2,995,416</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=77% 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=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap>
<B><FONT size=1 face="sans-serif">Increase in Common Shares Outstanding</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=26% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% 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=26% nowrap>
<B><FONT size=1 face="sans-serif">73,419</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=20% nowrap>
<B><FONT size=1 face="sans-serif">73,952</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>

<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=39% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=33% 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>
<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=39% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=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>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<B><FONT size=1 face="sans-serif">Per Share Data ($):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">8.60</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Investment Operations:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">.72</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Net realized and unrealized</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">gain (loss) on investments</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">.11</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Dividends on Preferred Stock</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">from investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">(.12)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Total from Investment Operations</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">.71</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Distributions to Common Shareholders:</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=9% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=8% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Dividends from investment income&#151;net</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">(.56)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% nowrap>
<FONT size=1 face="sans-serif">8.75</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=39% nowrap>
<FONT size=1 face="sans-serif">Market value, end of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=11% 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=11% 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=8% 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>
</TR>
<TR valign="bottom">
        <TD width=39% 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=11% 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=11% 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=8% 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">22</FONT></B><BR>
</TD></TR></TABLE>

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


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

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=34% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=34% 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>
<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=34% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">2005</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=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>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap colspan=3>
<B><FONT size=1 face="sans-serif">Ratios/Supplemental Data (%):</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">Ratio of total expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">to average net assets</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">applicable to Common Stock </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">1.26</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">1.26</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=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=34% nowrap>
<FONT size=1 face="sans-serif">Ratio of net expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">to average net assets</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">applicable to Common Stock </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">1.12</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">1.25</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=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=34% nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">to average net assets</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">applicable to Common Stock </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">6.98</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">6.96</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">Ratio of total expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">to total average net assets </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">.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">Ratio of net expenses</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">to total average net assets </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">.78</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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">.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=34% nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">to total average net assets </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">4.88</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">4.84</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">Portfolio Turnover Rate</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">44.20</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">39.94</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=50% nowrap colspan=3>
<FONT size=1 face="sans-serif">Asset coverage of Preferred Stock,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">end of period</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% 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">328</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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>
</TR>
<TR valign="bottom">
        <TD width=50% 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=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">end of period ($ x 1,000)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
<FONT size=1 face="sans-serif">428,466</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
<FONT size=1 face="sans-serif">423,556</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">Preferred Stock outstanding,</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=10% 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=34% nowrap>
<FONT size=1 face="sans-serif">end of period ($ x 1,000)</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=14% 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=10% 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 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">Does not reflect the effect of dividends to Preferred Stock shareholders.</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">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">NOTES TO FINANCIAL STATEMENTS</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 designated Robin
A. Melvin and John E. Zuccotti to represent holders of APS on the fund&#146;s Board of Directors.</FONT></P>
<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>

<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 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 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>

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


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

<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<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) as defined in the dividend reinvestment plan.</FONT></P>
<P>
<FONT size=2 face="serif">On November 30, 2005, the Board of Directors declared a cash dividend of $.043 per share from investment
income-net, payable on December 29, 2005 to Common Shareholders of record as of the close of business on December 14,
2005.</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 November 30, 2005 were as follows:
Series A&#151;2.85%, Series B&#151;2.80% and Series C&#151;2.85% .</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 distribu-</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">tions 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">At November 30, 2005, the components of accumulated earnings on a tax basis were as follows: undistributed
tax exempt income $859,098, accumulated capital losses $32,120,749 and unrealized appreciation $23,988,080. In
addition, the fund had $268,373 of capital losses realized after October 31, 2005, which were deferred for tax purposes to the first
day of the following fiscal year.</FONT></P>
<P>
<FONT size=2 face="serif">The accumulated capital loss carryover is available 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 periods ended November 30, 2005
and November 30, 2004, were as follows: tax exempt income $32,429,449 and $31,939,371, respectively.</FONT></P>
<P>
<FONT size=2 face="serif">During the period ended November 30, 2005, as a result of permanent book to tax differences, primarily due
to the tax treatment for amortization adjustments, the fund decreased accumulated undistributed investment
income-net by $128,675, increased net realized gain (loss) on investments by $277,612 and decreased paid-in capital by $148,937. Net
assets were not affected by this reclassification.</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>
<FONT size=2 face="serif">The average daily amount of borrowings outstanding under the line of credit during the period ended
November 30, 2005 was approximately $31,100, with a related weighted average annualized interest rate of 4.21% .</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>

<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<B><FONT size=2 face="sans-serif">NOTE 3&#151;Investment Advisory Fee, Administration Fee and</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<B><FONT size=2 face="sans-serif">Other Transactions With Affiliates:</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<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 until 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
$618,479 during the period ended November 30, 2005.</FONT></P>
<P>
<FONT size=2 face="serif">During the period ended November 30, 2005, the fund was charged $3,453 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 $377,918 and chief compliance officer fees $1,548, which are offset against an expense
reimbursement currently in effect in the amount of $50,435.</FONT></P>
<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>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">28</FONT></B><BR>
</TD></TR></TABLE>

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

<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 November 30, 2005, amounted to $269,594,489 and $276,933,050, respectively.</FONT></P>
<P>
<FONT size=2 face="serif">At November 30, 2005, the cost of investments for federal income tax purposes was $582,842,471;
accordingly, accumulated net unrealized appreciation on investments was $23,988,080, consisting of $33,863,719 gross unrealized
appreciation and $9,875,639 gross unrealized depreciation.</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>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">REPORT OF INDEPENDENT REGISTERED</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">PUBLIC ACCOUNTING FIRM</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<B><FONT size=2 face="sans-serif">Shareholders and Board of Directors</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<B><FONT size=2 face="sans-serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">We have audited the accompanying statement of assets and liabilities of Dreyfus Strategic Municipal Bond
Fund, Inc., including the statement of investments, as of November 30, 2005, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial
highlights for each of the years indicated therein.These financial statements and financial highlights are the
responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial
highlights based on our audits.</FONT></P>
<P>
<FONT size=2 face="serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit
of the Fund&#146;s internal control over financial reporting. Our audits included consideration of internal control
over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting.
Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial statement presentation. Our procedures included verification by
examination of securities held by the custodian as of November 30, 2005 and confirmation of securities not held by the
custodian by correspondence with others. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P>
<FONT size=2 face="serif">In our opinion, the financial statements and financial highlights referred to above present fairly, in all
material respects, the financial position of Dreyfus Strategic Municipal Bond Fund, Inc. at November 30, 2005, the
results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the indicated years, in conformity with U.S. generally accepted accounting
principles.</FONT></P>
<P align="right">
<IMG src="gsmbncsrx32x1.jpg" border=0>
</P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">New York, New York</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT size=2 face="serif">January 11, 2006</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">30</FONT></B><BR>
</TD></TR></TABLE>

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

<P>
<FONT face="sans-serif">ADDITIONAL INFORMATION </FONT><FONT size=1 face="sans-serif">(Unaudited)</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Dividend Reinvestment and Cash Purchase Plan</FONT></B></P>
<P>
<FONT size=2 face="serif">Under the fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), a holder of shares of Common Stock
(&#147;Common Shareholder&#148;) who has fund shares registered in his name will have all dividends and
distributions reinvested automatically by PFPC Global Fund Services, as Plan agent (the &#147;Agent&#148;), in additional shares of
the fund at the lower of prevailing market price or net asset value (but not less than 95% of market value at the
time of valuation) unless such Common Shareholder elects to receive cash as provided below. If market price is equal to or exceeds
net asset value, shares will be issued at net asset value. If net asset value exceeds market price or if a dividend or
other distribution payable only in cash is declared, the Agent, as agent for the Plan participants, will buy fund shares in the open
market.A Plan participant is not relieved of any income tax that may be payable on such dividends or
distributions.</FONT></P>
<P>
<FONT size=2 face="serif">A Common Shareholder who owns fund shares registered in the name of his broker/dealer or other nominee
(i.e., in &#147;street name&#148;) may not participate in the Plan, but may elect to have cash dividends and
distributions reinvested by his broker/dealer or other nominee in additional shares of the fund if such service is provided by the
broker/dealer or other nominee; otherwise such dividends and distributions will be treated like any other cash
dividend or distribution.</FONT></P>
<P>
<FONT size=2 face="serif">A Common Shareholder who has fund shares registered in his name may elect to withdraw from the Plan at any
time for a $5.00 fee and thereby elect to receive cash in lieu of shares of the fund. Changes in elections must be
by direct mail to PFPC Global Fund Services, Attention: Closed-End funds, Post Office Box 8030, Boston, Massachusetts 02266, or by
telephone at 1-800-331-1710, and should include the shareholder&#146;s name and address as they appear on the
Agent&#146;s records. Elections received by the Agent will be effective only if received prior to the record date for any
distribution.</FONT></P>
<P>
<FONT size=2 face="serif">The Agent maintains all Common Shareholder accounts in the Plan and furnishes written confirmations of all
transactions in the account. Shares in the account of each Plan participant will be held by 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">31</FONT></B><BR>
</TD></TR></TABLE>

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


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

<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">ADDITIONAL INFORMATION (Unaudited) </FONT><I><FONT size=1 face="serif">(continued)</FONT></I><BR>
</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">Agent in non-certificated form in the name of the participant, and each such participant&#146;s proxy will
include those shares purchased pursuant to the Plan.</FONT></P>
<P>
<FONT size=2 face="serif">The fund pays the Agent&#146;s fee for reinvestment of dividends and distributions. Plan participants pay a
pro rata share of brokerage commissions incurred with respect to the Agent&#146;s open market purchases in
connection with the reinvestment of dividends or distributions.</FONT></P>
<P>
<FONT size=2 face="serif">The fund reserves the right to amend or terminate the Plan as applied to any dividend or distribution paid
subsequent to written notice of the change sent to Plan participants at least 90 days before the record date for
such dividend or distribution.The Plan also may be amended or terminated by the Agent on at least 90 days&#146;written notice to Plan
participants.</FONT></P>
<P>
<B><FONT size=2 face="serif">Managed Dividend Policy</FONT></B></P>
<P>
<FONT size=2 face="serif">The fund&#146;s dividend policy is to distribute substantially all of its net investment income to its
shareholders on a monthly basis. In order to provide shareholders with a more consistent yield to the current trading
price of shares of Common Stock of the fund, the fund may at times pay out less than the entire amount of net investment income
earned in any particular month and may at times in any month pay out such accumulated but undistributed income in
addition to net investment income earned in that month. As a result, the dividends paid by the fund for any particular month may be
more or less than the amount of net investment income earned by the fund during such month.The fund&#146;s current
accumulated but undistributed net investment income, if any, is disclosed in the Statement of Assets and Liabilities, which comprises
part of the Financial Information included in this report.</FONT></P>
<P>
<B><FONT size=2 face="serif">Benefits and Risks of Leveraging</FONT></B></P>
<P>
<FONT size=2 face="serif">The fund utilizes leverage to seek to enhance the yield and net asset value of its Common Stock.These
objectives cannot be achieved in all interest rate environments.To leverage, the fund issues Preferred Stock, which pays
dividends at prevailing short-term interest rates, and invests the proceeds in long-term municipal bonds. The interest earned
on</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>

<P>
<FONT size=2 face="serif">these investments is paid to Common Shareholders in the form of dividends, and the value of these portfolio
holdings is reflected in the per share net asset value of the fund&#146;s Common Stock. In order to benefit Common
Shareholders, the yield curve must be positively sloped: that is, short-term interest rates must be lower than long-term interest
rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of
these conditions change, then the risk of leveraging will begin to outweigh the benefits.</FONT></P>
<P>
<B><FONT size=2 face="serif">Supplemental Information</FONT></B></P>
<P>
<FONT size=2 face="serif">During the period ended November 30, 2005, there were: (i) no material changes in the fund&#146;s
investment objectives or policies, (ii) no changes in the fund&#146;s charter or by-laws that would delay or prevent a change
of control of the fund, (iii) no material changes in the principal risk factors associated with investment in the fund, and (iv) no
changes in the person primarily responsible for the day-to-day management of the fund&#146;s portfolio.</FONT></P>
<P>
<B><FONT size=2 face="serif">Certifications</FONT></B></P>
<P>
<FONT size=2 face="serif">The fund&#146;s chief executive officer has certified to the NYSE, pursuant to the requirements of Section
303A.12(a) of the NYSE Listed Company Manual, that, as of June 17, 2005, he was not aware of any violation by the
fund of applicable NYSE corporate governance listing standards.The fund&#146;s reports to the SEC on Form N-CSR contain
certifications by the fund&#146;s chief executive officer and chief financial officer as required by Rule 30a-2(a) under the 1940
Act, including certifications regarding the quality of the fund&#146;s disclosures in such reports and certifications regarding the
fund&#146;s disclosure controls and procedures and internal control over financial reporting.</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">33</FONT></B><BR>
</TD></TR></TABLE>

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


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

<P>
<FONT face="sans-serif">IMPORTANT TAX INFORMATION </FONT><FONT size=1 face="sans-serif">(Unaudited)</FONT></P>
<P>
<FONT size=2 face="serif">In accordance with federal tax law, the fund hereby designates all the dividends paid from investment
income-net during the fiscal year ended November 30, 2005 as &#147;exempt-interest dividends&#148; (not generally subject
to regular federal income tax).</FONT></P>
<P>
<FONT size=2 face="serif">As required by federal tax law rules, shareholders will receive notification of their portion of the
fund&#146;s taxable ordinary dividends and capital gain distributions paid for the 2005 calendar year on Form 1099-DIV
which will be mailed by January 31, 2006.</FONT></P>
<TABLE><TR><TD nowrap>
<FONT face="sans-serif">PROXY RESULTS </FONT><FONT size=1 face="sans-serif">( U n a u d i t e d )</FONT><BR>
</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">Holders of Common Stock and holders of Auction Preferred Stock (&#147;APS&#148;) voted together as a single
class (except as noted below) on a proposal presented at the annual shareholders&#146; meeting held on May 26, 2005
as follows:</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=41% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
<FONT size=1 face="sans-serif">Shares</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </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=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=41% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap>
<FONT size=1 face="sans-serif">For</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">Authority Withheld</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </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=45% nowrap colspan=3>
<FONT size=1 face="sans-serif">To elect three Class III Directors: </FONT><SUP><FONT size=1
face="sans-serif">&#134;</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=41% nowrap>
<FONT size=1 face="sans-serif">David W. Burke</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap>
<FONT size=1 face="sans-serif">43,060,044</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">805,914</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=41% nowrap>
<FONT size=1 face="sans-serif">Hans C. Mautner</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap>
<FONT size=1 face="sans-serif">43,093,557</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">772,401</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=41% nowrap>
<FONT size=1 face="sans-serif">John E. Zuccotti </FONT><SUP><FONT size=1 face="sans-serif">&#134;&#134;</FONT></SUP>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=24% nowrap>
<FONT size=1 face="sans-serif">6,951</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
<FONT size=1 face="sans-serif">21</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>
&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=67% nowrap colspan=3>
<I><FONT size=1 face="serif">The terms of these Class III Directors expire in 2008.</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% nowrap>
<I><SUP><FONT size=1 face="serif">&#134;&#134;</FONT></SUP></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=67% nowrap colspan=3>
<I><FONT size=1 face="serif">Elected solely by APS holders. Common shareholders were not entitled to vote.</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=7% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=16% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">34</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_37"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">INFORMATION ABOUT THE REVIEW</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">AND APPROVAL OF THE FUND&#146;S</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% nowrap>
<FONT face="sans-serif">INVESTMENT ADVISORY AGREEMENT </FONT><FONT size=1 face="sans-serif">(Unaudited)</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">At a meeting of the Board of Directors held on November 14, 2005, the Board considered the re-approval for
an annual period of the fund&#146;s Investment Advisory Agreement, pursuant to which the Manager provides the fund
with investment advisory services, and the fund&#146;s separate Administration Agreement, pursuant to which the Manager provides the
fund with administrative services.The Board members, none of whom are &#147;interested persons&#148; (as defined in
the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with
counsel in executive session separate from representatives of the Manager.</FONT></P>
<P>
<U><FONT size=2 face="serif">Analysis of Nature, Extent, and Quality of Services Provided to the Fund. </FONT></U><FONT size=2
face="serif">The Board members received a presentation from representatives of the Manager regarding services provided to
the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent, and quality of the services provided to the
fund pursuant to its Investment Advisory Agreement and Administration Agreement. The Manager&#146;s representatives
noted the fund&#146;s closed-end structure, the relationships the Manager has with various intermediaries, the different needs of
each intermediary, and the Manager&#146;s corresponding need for broad, deep, and diverse resources to be able to
provide ongoing shareholder services to fund shareholders. The Board recognized that, as a closed-end fund, the fund is not subject
to inflows and outflows of assets as an open-end fund would be that would increase or decrease its asset
size.</FONT></P>
<P>
<FONT size=2 face="serif">The Board members also considered the Manager&#146;s research and portfolio management capabilities and
that the Manager also provides oversight of day-to-day fund operations, including fund accounting and administration
and assistance in meeting legal and regulatory requirements. The Board members also considered the Manager&#146;s extensive
administrative, accounting, and compliance infrastructure.</FONT></P>
<P>
<U><FONT size=2 face="serif">Comparative Analysis of the Fund&#146;s Performance, Investment Advisory and Administration Fees, and
Expense Ratio. </FONT></U><FONT size=2 face="serif">The Board members reviewed the fund&#146;s performance, investment
advisory and administration fees, and expense ratio (with and without the effect of the fund&#146;s leveraged structure) and placed
significant emphasis on a comparison to</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">35</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_38"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=99% nowrap>
<FONT size=1 face="sans-serif">I N FO R M AT I O N A B O U T T H E R E V I E W A N D A P P R OVA L O F T H E</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap>
<FONT size=1 face="sans-serif">F U N D &#146; S I N V E S T M E N T A DV I S O RY A G R E E M E N T ( U n a u d i t e d )
</FONT><I><FONT size=1 face="serif">( c o n t i n u e d )</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">a group of comparable funds, and to Lipper category averages. The group of comparable funds previously was
approved by the Board for this purpose, and was prepared using a Board-approved selection methodology that was
based, in part, on selecting non-affiliated funds reported in the same Lipper category (&#147;General Municipal Debt Funds - Closed
End (Leveraged)&#148;) as the fund.The Board members discussed the results of the comparisons for various periods
ended September 30, 2005.The Board noted the fund&#146;s yield performance was higher than the Lipper category average and Comparison
Group average for the 1-year, 3-year, 5-year, and 10-year periods on both a net asset value and market price basis.
The Board noted the fund&#146;s total return performance was higher than the Lipper category average and Comparison Group average for
the 1-year and 3-year periods on a net asset value basis, and that the fund&#146;s total return performance was
lower than the Lipper category average and Comparison Group average for the 5-year and 10-year periods on a net asset value basis,
and lower than the Lipper category average and Comparison Group average for the 1-year, 5-year, and 10-year periods on
a market price basis.The Board noted the fund&#146;s closed-end structure and investment objective of seeking maximum current income,
and placed emphasis on that factor in reviewing the fund&#146;s relative performance results.The Board members also
discussed the fund&#146;s investment advisory fee, administration fee, and expense ratio and reviewed the range of investment
advisory and administration fees and expense ratios for the funds in the Comparison Group.The Board members noted that the
fund&#146;s total investment advisory fee and administration fee (after the fee waiver and based on net assets solely attributable to
common stock after leverage) was higher than most of the fees of the Comparison Group funds and that the
fund&#146;s total expense ratio (after the fee waiver and based on net assets solely attributable to common stock after leverage) was
lower than the Comparison Group average and the same as the Lipper category average. The Board also noted the
undertaking in effect by the Manager over the past year to waive receipt of a portion (0.10%) of the fund&#146;s investment advisory
fee (reducing it from a 0.50% annual rate to a 0.40% annual rate) and management&#146;s commitment to continue such
waiver through October 31, 2006.</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">36</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_39"></A>

<P>
<FONT size=2 face="serif">Representatives of the Manager reviewed with the Board members the fees paid to the Manager or its
affiliates by investment companies managed by the Manager or its affiliates with similar investment objectives, policies,
and strategies, and in the same Lipper category (the &#147;General Municipal Debt Funds - Closed End (Leveraged)&#148; category), as
the fund (the &#147;Similar Funds&#148;).The Manager&#146;s representatives noted that there were no similarly
managed separate accounts or wrap fee accounts managed by the Manager or its affiliates with similar investment objectives, policies,
and strategies as the fund. It was noted that one Similar Fund had the same management fee as the fund&#146;s total
investment advisory fee and administration fee, and that one had a lower management fee than the fund&#146;s total fee. The Board
members considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness
and reasonableness of the fund&#146;s investment advisory and administration fee.</FONT></P>
<P>
<U><FONT size=2 face="serif">Analysis of Profitability and Economies of Scale.</FONT></U><FONT size=2 face="serif">The Manager&#146;s
representatives reviewed the dollar amount of expenses allocated and profit received by the Manager and the method
used to determine such expenses and profit. The Board received and considered information prepared by an independent consulting firm
regarding the Manager&#146;s approach to allocating costs to, and determining the profitability of, individual funds
and the entire Dreyfus fund complex.The Manager&#146;s representatives stated that the methodology had also been reviewed by an
independent registered public accounting firm which, like the consultant, found the methodology to be reasonable.The
consulting firm also analyzed where any economies of scale might emerge in connection with the management of the fund.The Board
members evaluated the analysis in light of the relevant circumstances for the fund, the extent to which economies of
scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund investors.
The Board noted that it appeared that the benefits of any economies of scale also would be appropriately shared with
shareholders through increased investment in fund management and administration resources. The Board members also
considered</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">37</FONT></B><BR>
</TD></TR></TABLE>

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<A name="page_40"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=99% nowrap>
<FONT size=1 face="sans-serif">I N FO R M AT I O N A B O U T T H E R E V I E W A N D A P P R OVA L O F T H E</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% nowrap>
<FONT size=1 face="sans-serif">F U N D &#146; S I N V E S T M E N T A DV I S O RY A G R E E M E N T ( U n a u d i t e d )
</FONT><I><FONT size=1 face="serif">( c o n t i n u e d )</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">potential benefits to the Manager from acting as investment adviser and noted that there were no soft
dollar arrangements with respect to trading the fund&#146;s portfolio.</FONT></P>
<P>
<FONT size=2 face="serif">It was noted that the Board members should consider the Manager&#146;s profitability with respect to the
fund as part of their evaluation of whether the fee under the Investment Advisory Agreement bears a reasonable
relationship to the mix of services provided by the Manager, including the nature, extent, and quality of such services and that a
discussion of economies of scale is predicated on increasing assets and that, if a fund&#146;s assets had been
decreasing, the possibility that the Manager may have realized any economies of scale would be less. The Board members also discussed
the profitability percentage ranges determined by appropriate court cases to be reasonable given the services
rendered to investment companies. It was noted that the profitability percentage for managing the fund was not unreasonable given the
fund&#146;s overall performance and generally superior service levels provided. The Board also noted the
Manager&#146;s waiver of receipt of a certain portion of the investment advisory fee over the past year and its effect on the
profitability of the Manager.</FONT></P>
<P>
<FONT size=2 face="serif">At the conclusion of these discussions, each Board member expressed the opinion that he or she had been
furnished with sufficient information to make an informed business decision with respect to continuation of the
fund&#146;s Investment Advisory Agreement and Administration Agreement. Based on their discussions and considerations as described
above, the Board members made the following conclusions and determinations.</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The Board concluded that the nature, extent, and quality of the ser-</FONT> <FONT size=2 face="serif">vices
provided by the Manager are adequate and appropriate.</FONT></LI>
<LI>
<FONT size=2 face="serif">The Board was satisfied with the fund&#146;s performance.</FONT></LI>
<LI>
<FONT size=2 face="serif">The Board concluded that the fees paid to the Manager by the fund</FONT> <FONT size=2 face="serif">for
investment advisory and administrative services were reasonable</FONT> <FONT size=2 face="serif">in light of comparative
performance and expense and advisory fee</FONT> <FONT size=2 face="serif">information, including the Manager&#146;s undertaking to
waive receipt</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">38</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_41"></A>
<P>
of 0.10% of the fund&#146;s investment advisory fee through October 31, 2006, costs of the services provided, and profits to be realized and benefits derived
or to be derived by the Manager from its relationship with the fund.</P>
<P>
The Board determined that the economies of scale which may accrue to the Manager and its affiliates in connection with the management of the fund had been
adequately considered by the Manager in connection with the investment advisory fee rate and administration fee rate charged to the fund, and that, to the extent
in the future it were to be determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared
with the fund.</P>

<P>
<FONT size=2 face="serif">The Board members considered these conclusions and determinations, along with the information received on a
routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined
that re-approval of the fund&#146;s Investment Advisory Agreement and Administration Agreement was in the best interests of the fund
and its shareholders.</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">39</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_42"></A>

<P>
<FONT face="sans-serif">BOARD MEMBERS INFORMATION </FONT><FONT size=1 face="sans-serif">(Unaudited)</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Joseph S. DiMartino (62)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=39% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<B><FONT size=2 face="serif">Chairman of the Board (1995)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=39% nowrap>
<I><FONT size=2 face="serif">Current term expires in 2006</FONT></I>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=39% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% nowrap>
<FONT size=2 face="serif">&#149; Corporate Director and Trustee</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=39% nowrap>
&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Other Board Memberships and Affiliations:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">The Muscular Dystrophy Association, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">Levcor International, Inc., an apparel fabric processor, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">Century Business Services, Inc., a provider of outsourcing functions for small and medium size</FONT> <FONT
size=2 face="serif">companies, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">The Newark Group, a provider of a national market of paper recovery facilities, paperboard</FONT> <FONT
size=2 face="serif">mills and paperboard converting plants, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">Sunair Services Corporation, engages in the design, manufacture and sale of high frequency</FONT> <FONT
size=2 face="serif">systems for long-range voice and data communications, as well as providing certain outdoor-</FONT>
<FONT size=2 face="serif">related services to homes and businesses, Director</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">193</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=34% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=46% nowrap>
<FONT size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="serif">David W. Burke</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=2 face="serif">(69)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=46% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=34% nowrap>
<B><FONT size=2 face="serif">Board Member</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=15% nowrap>
<B><FONT size=2 face="serif">(1994)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=46% nowrap>
<I><FONT size=2 face="serif">Current term expires in 2008</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I><BR>
<FONT size=2 face="serif">&#149; Corporate Director and Trustee</FONT><BR>
<I><FONT size=2 face="serif">Other Board Memberships and Affiliations:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">John F. Kennedy Library Foundation, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">U.S.S. Constitution Museum, Director</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">84 </FONT><FONT
size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></P>
<P>
<B><FONT size=2 face="serif">William Hodding Carter III (70)</FONT></B></P>
<P>
<B><FONT size=2 face="serif">Board Member (1988) </FONT></B><I><FONT size=2 face="serif">Current term expires in 2006 Principal
Occupation During Past 5 Years:</FONT></I></P>
<P>
<FONT size=2 face="serif">&#149; President and Chief Executive Officer of the John S. and James L. Knight Foundation
(1998-present)</FONT></P>
<P>
<I><FONT size=2 face="serif">Other Board Memberships and Affiliations:</FONT></I></P>
<UL>
<LI>
<FONT size=2 face="serif">Independent Sector, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">The Century Foundation, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">The Enterprise Corporation of the Delta, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">Foundation of the Mid-South, Director</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">11</FONT><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=50% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<FONT size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Ehud Houminer (65)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Board Member (1994)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<I><FONT size=2 face="serif">Current term expires in 2007</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">Executive-in-Residence at the Columbia Business School, Columbia University</FONT></LI>
<LI>
<FONT size=2 face="serif">Principal of Lear,Yavitz and Associates, a management consulting firm (1996 to 2001)</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Other Board Memberships and Affiliations:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">Avnet Inc., an electronics distributor, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">International Advisory Board to the MBA Program School of Management, Ben Gurion</FONT> <FONT size=2
face="serif">University, Chairman</FONT></LI>
<LI>
<FONT size=2 face="serif">Explore Charter School, Brooklyn, NY, Chairman</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">36</FONT><BR>
<B><FONT size=1 face="sans-serif">40</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_43"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Richard C. Leone (65)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Board Member (1987)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<I><FONT size=2 face="serif">Current term expires in 2006</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">President of The Century Foundation (formerly,The Twentieth Century Fund, Inc.),</FONT> <FONT size=2
face="serif">a tax exempt research foundation engaged in the study of economic, foreign policy and</FONT> <FONT size=2
face="serif">domestic issues</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">11</FONT><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=50% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<FONT size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Hans C. Mautner (68)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Board Member (1987)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<I><FONT size=2 face="serif">Current term expires in 2008</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">President&#151;International Division and an Advisory Director of Simon Property Group, a real</FONT> <FONT
size=2 face="serif">estate investment company (1998-present)</FONT></LI>
<LI>
<FONT size=2 face="serif">Director and Vice Chairman of Simon Property Group (1998-2003)</FONT></LI>
<LI>
<FONT size=2 face="serif">Chairman and Chief Executive Officer of Simon Global Limited (1999-present)</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Other Board Memberships and Affiliations:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">Capital and Regional PLC, a British co-investing real estate asset manager, Director</FONT></LI>
<LI>
<FONT size=2 face="serif">Member - Board of Managers of:</FONT> <FONT size=2 face="serif">Mezzacappa Long/Short Fund LLC</FONT><BR>
<FONT size=2 face="serif">Mezzacappa Multi-Strategy Fund LLC</FONT> <FONT size=2 face="serif">Mezzacappa Multi-Strategy Plus Fund
LLC</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">11 </FONT><FONT
size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></P>
<P>
<B><FONT size=2 face="serif">Robin A. Melvin (42)</FONT></B></P>
<P>
<B><FONT size=2 face="serif">Board Member (1995) </FONT></B><I><FONT size=2 face="serif">Current term expires in 2007</FONT></I></P>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I><BR>
</TD></TR></TABLE>
<UL>
<LI>
<FONT size=2 face="serif">Senior Vice President of Mentor/National Mentoring Partnership, a national non-profit</FONT> <FONT size=2
face="serif">organization that is leading the movement to connect America&#146;s young people with caring</FONT>
<FONT size=2 face="serif">adult mentors</FONT></LI>
</UL>
<TABLE><TR><TD nowrap>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">11</FONT><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=50% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<FONT size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">John E. Zuccotti (68)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap>
<B><FONT size=2 face="serif">Board Member (1987)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=47% nowrap>
<I><FONT size=2 face="serif">Current term expires in 2008</FONT></I>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<I><FONT size=2 face="serif">Principal Occupation During Past 5 Years:</FONT></I></P>
<P>
<FONT size=2 face="serif">&#149; Chairman of Brookfield Financial Properties, Inc.</FONT></P>
<P>
<I><FONT size=2 face="serif">No. of Portfolios for which Board Member Serves: </FONT></I><FONT size=2 face="serif">11 </FONT><FONT
size=2 face="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></P>
<P>
<I><FONT size=1 face="serif">The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New
York, NewYork 10166.</FONT></I></P>
<TABLE><TR><TD nowrap>
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">41</FONT></B><BR>
</TD></TR></TABLE>

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<A name="page_44"></A>

<P>
<FONT face="sans-serif">OFFICERS OF THE FUND </FONT><FONT size=1 face="sans-serif">(Unaudited)</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">STEPHEN E. CANTER, President since March 2000. </FONT></B></P>
<P>
<FONT size=1 face="serif">Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Manager, and an officer
of 90 investment companies (comprised of 184 portfolios) managed by the Manager. Mr. Canter also is a Board member
and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation,
each of which is an affiliate of the Manager. He is 60 years old and has been an employee of the Manager since May
1995.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">STEPHEN R. BYERS, Executive Vice President since November 2002.</FONT></B></P>
<P>
<FONT size=1 face="serif">Chief Investment Officer,Vice Chairman and a director of the Manager, and an officer of 90 investment
companies (comprised of 184 portfolios) managed by the Manager. Mr. Byers also is an officer, director or an Executive
Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate
of the Manager. He is 52 years old and has been an employee of the Manager since January 2000.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">A. PAUL DISDIER, Executive Vice President since March 2000.</FONT></B></P>
<P>
<FONT size=1 face="serif">Executive Vice President of the Fund, Director of Dreyfus Municipal Securities, and an officer of 3 other
investment companies (comprised of 3 portfolios) managed by the Manager. He is 50 years old and has been an employee
of the Manager since February 1988.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">MARK N. JACOBS, Vice President since March 2000. </FONT></B></P>
<P>
<FONT size=1 face="serif">Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 91 investment
companies (comprised of 200 portfolios) managed by the Manager. He is 59 years old and has been an employee of the
Manager since June 1977.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005. </FONT></B></P>
<P>
<FONT size=1 face="serif">Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since October
1991.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JAMES BITETTO, Vice President and Assistant Secretary since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Assistant General Counsel and Assistant Secretary of the Manager, and an officer of 91 investment companies
(comprised of 200 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager
since December 1996.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. She is 50 years old and has been an employee of the Manager since October
1988.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Assistant General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2000.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since February
1984.</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">42</FONT></B><BR>
</TD></TR></TABLE>

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<A name="page_45"></A>

<P>
<B><FONT size=1 face="sans-serif">JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005. </FONT></B></P>
<P>
<FONT size=1 face="serif">Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since February
1991.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since May 1986.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200
portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since October
1990.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JAMES WINDELS, Treasurer since November 2001. </FONT></B></P>
<P>
<FONT size=1 face="serif">Director &#150; Mutual Fund Accounting of the Manager, and an officer of 91 investment companies (comprised
of 200 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April
1985.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">ERIK D. NAVILOFF, Assistant Treasurer since August 2005.</FONT></B></P>
<P>
<FONT size=1 face="serif">Senior Accounting Manager &#150; Taxable Fixed Income Funds of the Manager, and an officer of 91 investment
companies (comprised of 200 portfolios) managed by the Manager. He is 37 years old and has been an employee of the
Manager since November 1992.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">ROBERT ROBOL, Assistant Treasurer since August 2005. </FONT></B></P>
<P>
<FONT size=1 face="serif">Senior Accounting Manager &#150; Money Market Funds of the Manager, and an officer of 91 investment
companies (comprised of 200 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager
since October 1988.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">ROBERT SVAGNA, Assistant Treasurer since August 2005. </FONT></B></P>
<P>
<FONT size=1 face="serif">Senior Accounting Manager &#150; Equity Funds of the Manager, and an officer of 91 investment companies
(comprised of 200 portfolios) managed by the Manager. He is 38 years old and has been an employee of the Manager since
November 1990.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">GAVIN C. REILLY, Assistant Treasurer since December 2005. </FONT></B></P>
<P>
<FONT size=1 face="serif">Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 91
investment companies (comprised of 200 portfolios) managed by the Manager. He is 37 years old and has been an employee of
the Manager since April 1991.</FONT></P>
<P>
<B><FONT size=1 face="sans-serif">JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.</FONT></B></P>
<P>
<FONT size=1 face="serif">Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (91 investment companies, comprised
of 200 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund
Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon&#146;s Custody,
Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 48 years old and has
served in various capacities with the Manager since 1980, including manager of the firm&#146;s Fund Accounting Department from 1997
through October 2001.</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">43</FONT></B><BR>
</TD></TR></TABLE>

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<A name="page_46"></A>

<P>
<FONT size=1 face="sans-serif">NOTES</FONT></P>
<TABLE><TR><TD nowrap>
<B><FONT size=1 face="sans-serif">44</FONT></B><BR>
</TD></TR></TABLE>

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


<A name="page_47"></A>

<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT face="sans-serif">OFFICERS AND DIRECTORS</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% 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=49% nowrap>
<FONT size=2 face="sans-serif">B o n d Fu n d , I n c .</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">200 Park Avenue</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">New York, NY 10166</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="sans-serif">Directors</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Portfolio Managers</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Joseph S. DiMartino</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Joseph P. Darcy</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">David W. Burke</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">A. Paul Disdier</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">William Hodding Carter, III</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Douglas J. Gaylor</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Ehud Houminer</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Joseph A. Irace</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Richard C. Leone</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=1 face="sans-serif">Colleen A. Meehan</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Hans C. Mautner</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">W. Michael Petty</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% 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=49% nowrap>
<FONT size=2 face="serif">Scott Sprauer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% 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=49% nowrap>
<FONT size=2 face="serif">James Welch</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% 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=49% nowrap>
<FONT size=2 face="serif">Monica S.Wieboldt</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<B><FONT size=2 face="sans-serif">Officers</FONT></B>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Bill Vasiliou</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">President</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Investment Adviser</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">and Administrator</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Executive Vice Presidents</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">The Dreyfus Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Stephen R. Byers</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">A. Paul Disdier</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Custodian</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Vice President</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Mellon Trust of New England, N.A.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Mark N. Jacobs</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Vice President and Secretary</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Counsel</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Michael A. Rosenberg</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Stroock &amp; Stroock &amp; Lavan LLP</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Vice President and Assistant Secretaries</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Transfer Agent,</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">James Bitetto</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Dividend-Paying Agent,</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Joni Lacks Charatan</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Joseph M. Chioffi</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Registrar and Disbursing Agent</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Janette E. Farragher</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">PFPC Global Fund Services</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">John B. Hammalian</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">(Common Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Robert R Mullery</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Jeff Prusnofsky</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">(Auction Preferred Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Treasurer</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">James Windels</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Auction Agent</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Assistant Treasurers</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">Deutsche Bank Trust Company Americas</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Erik D. Naviloff</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">(Auction Preferred Stock)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Robert Robol</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Robert Svagna</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Stock Exchange Listing</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Gavin C. Reilly</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<FONT size=2 face="serif">NYSE Symbol: DSM</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Chief Compliance Officer</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
<FONT size=2 face="serif">Joseph W. Connolly</FONT>&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% nowrap>
<B><FONT size=2 face="sans-serif">Initial SEC Effective Date</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap>
&nbsp;
        </TD>
        <TD width=2%>
&nbsp;  </TD>
        <TD width=49% 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">
<FONT size=1 face="sans-serif">The Fund </FONT><B><FONT size=1 face="sans-serif">45</FONT></B></P>

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<A name="page_48"></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="gsmbncsrx48x1.jpg" border=0>

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











<P>
<B><FONT size=2 face="serif">Item 2. Code of Ethics.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions.
There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
</FONT></P>
<P>
<B><FONT size=2 face="serif">Item 3. Audit Committee Financial Expert.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">The Registrant's Board has determined that Richard C. Leone, a member of the Audit Committee of the Board,
is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Richard C.
Leone is "independent" as defined by the SEC for purposes of audit committee financial expert determinations. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 4. Principal Accountant Fees and Services </FONT></B></P>
<P>
<FONT size=2 face="serif">(a) </FONT><U><FONT size=2 face="serif">Audit Fees</FONT></U><FONT size=2 face="serif">. The aggregate fees
billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the
Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are
normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the
Reporting Periods, were $31,710 in 2004 and $34,374 in 2005. </FONT></P>
<P>
<FONT size=2 face="serif">(b) </FONT><U><FONT size=2 face="serif">Audit-Related Fees</FONT></U><FONT size=2 face="serif">. The
aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably
related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this
Item 4 were $20,500 in 2004 and $16,800 in 2005. These services consisted of security counts required by Rule 17f-2
under the Investment Company Act of 1940, as amended. </FONT></P>
<P>
<FONT size=2 face="serif">The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the
Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by
or under common control with the investment adviser that provides ongoing services to the Registrant ("Service
Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required
pre-approval by the Audit Committee were $178,500 in 2004 and $0 in 2005. </FONT></P>
<P>
<FONT size=2 face="serif">Note: </FONT><I><FONT size=2 face="serif">For the second paragraph in each of (b) through (d) of this Item
4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be
pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative
purposes, the fees shown assume that all such services were pre-approved, including services that were not
pre-approved prior to the compliance date of the pre-approval requirement. </FONT></I></P>
<P>
<FONT size=2 face="serif">(c) </FONT><U><FONT size=2 face="serif">Tax Fees</FONT></U><FONT size=2 face="serif">. The aggregate fees
billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and
tax planning ("Tax Services") were $2,674 in 2004 and $2,994 in 2005. These services consisted of (i) review or preparation of U.S.
federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance
regarding statutory, regulatory or </FONT></P>

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



<P>
<FONT size=2 face="serif">administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of
various financial instruments held or proposed to be acquired or held. </FONT></P>
<P>
<FONT size=2 face="serif">The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates
which required pre-approval by the Audit Committee were $0 in 2004 and $0 in 2005.</FONT></P>
<P>
<FONT size=2 face="serif">(d) </FONT><U><FONT size=2 face="serif">All Other Fees</FONT></U><FONT size=2 face="serif">. The aggregate
fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services
reported in paragraphs (a) through (c) of this Item, were $0 in 2004 and $0 in 2005.</FONT></P>
<P>
<FONT size=2 face="serif">The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service
Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the
Audit Committee were $0 in 2004 and $0 in 2005. </FONT></P>
<P>
<U><FONT size=2 face="serif">Audit Committee Pre-Approval Policies and Procedures</FONT></U><FONT size=2 face="serif">. The
Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee
limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case
consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the
Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.</FONT></P>
<P>
<U><FONT size=2 face="serif">Non-Audit Fees</FONT></U><FONT size=2 face="serif">. The aggregate non-audit fees billed by the Auditor
for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $653,655
in 2004 and $917,339 in 2005. </FONT></P>
<P>
<U><FONT size=2 face="serif">Auditor Independence</FONT></U><FONT size=2 face="serif">. The Registrant's Audit Committee has
considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved
(not requiring pre-approval) is compatible with maintaining the Auditor's independence. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 5. Audit Committee of Listed Registrants.</FONT></B></P>
<P>
<FONT size=2 face="serif">The Registrant is a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;). The Registrant has a separately designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange Act and the following person constitute the Audit Committee and
full Board of Trustees of the Registrant: </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">David W. Burke</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">Hodding Carter III</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">Joseph S. DiMartino</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">Ehud Houminer</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">Richard C. Leone</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">Hans C. Mautner</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">Robin A. Melvin</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% nowrap>
<FONT size=2 face="serif">John E. Zuccotti, Esq.</FONT>&nbsp;
         </TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">The Fund has determined that each member of the Audit Committee of the Registrant is not an
&#147;interested person&#148; of the Registrant as defined in section 2(a)(19) of the Investment Company Act of 1940, as amended,
and for purposes of Rule 10A-3(b)(1)(iii) under the Exchange Act, is considered independent. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 6. Schedule of Investments. </FONT></B></P>
<P>
<FONT size=2 face="serif">Not applicable.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>

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



<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
         <TD width=11% nowrap>
<B><FONT size=2 face="serif">Item 7.</FONT></B>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% 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=11% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% nowrap>
<B><FONT size=2 face="serif">Investment Companies.</FONT></B>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=11% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=11% nowrap>
<B><FONT size=2 face="serif">Item 8.</FONT></B>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% 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=11% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% nowrap>
<FONT size=2 face="serif">Not applicable.</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=11% nowrap>
<B><FONT size=2 face="serif">Item 9.</FONT></B>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% nowrap>
<B><FONT size=2 face="serif">Purchases of Equity Securities by Closed-End Management Investment Companies and</FONT></B>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=11% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% nowrap>
<B><FONT size=2 face="serif">Affiliated Purchasers.</FONT></B>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=11% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% nowrap>
<FONT size=2 face="serif">None.</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=11% nowrap>
<B><FONT size=2 face="serif">Item 10.</FONT></B>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=86% 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>
<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>
<P>
<FONT size=2 face="serif">(a)(1) Code of ethics referred to in Item 2. </FONT></P>
<P>
<FONT size=2 face="serif">(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a)
under the Investment Company Act of 1940. </FONT></P>

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



<P>
<FONT size=2 face="serif">(a)(3) Not applicable.</FONT></P>
<P>
<FONT size=2 face="serif">(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b)
under the Investment Company Act of 1940. </FONT></P>

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



<P align="center">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">SIGNATURES</FONT></B><BR>
</TD></TR></TABLE>

<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">Dreyfus Strategic Municipal Bond Fund, Inc.</FONT><BR>
</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
         <TD width=5% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<U><FONT size=2 face="serif">Stephen E. Canter</FONT></U>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">President</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">January 27, 2006</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=98% nowrap colspan=5>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=98% nowrap colspan=5>
<FONT size=2 face="serif">1940, this Report has been signed below by the following persons on behalf of the Registrant and in
the</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=98% nowrap colspan=5>
<FONT size=2 face="serif">capacities and on the dates indicated.</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<U><FONT size=2 face="serif">Stephen E. Canter</FONT></U>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">Stephen E. Canter</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">January 27, 2006</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
<FONT size=2 face="serif">By:</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<U><FONT size=2 face="serif">James Windels</FONT></U>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">James Windels</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">Chief Financial Officer</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
<FONT size=2 face="serif">Date:</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">January 27, 2006</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=100% colspan=5>
<B><FONT size=2 face="serif">EXHIBIT INDEX</FONT></B>
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=7% nowrap>
<FONT size=2 face="serif">(a)(1)</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=82% nowrap>
<FONT size=2 face="serif">Code of ethics referred to in Item 2.</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=7% nowrap>
<FONT size=2 face="serif">(a)(2)</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=82% nowrap>
<FONT size=2 face="serif">Certifications of principal executive and principal financial officers as required by Rule 30a-</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<FONT size=2 face="serif">2(a) under the Investment Company Act of 1940. (EX-99.CERT)</FONT>&nbsp;
         </TD>
</TR>
<TR>
         <TD colspan=5>
&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=7% nowrap>
<FONT size=2 face="serif">(b)</FONT>&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=82% nowrap>
<FONT size=2 face="serif">Certification of principal executive and principal financial officers as required by Rule 30a-</FONT>&nbsp;
         </TD>
</TR>
<TR valign="bottom">
         <TD width=5% nowrap>
&nbsp;
         </TD>
         <TD width=2%>
&nbsp;   </TD>
         <TD width=91% nowrap colspan=3>
<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>



<P>
<FONT size=2 face="serif">Exhibit (a)(1)</FONT></P>
<P>
<FONT face="serif"></FONT></P>

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

</BODY>

</HTML>


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<DOCUMENT>
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<FILENAME>ncsrcodeofethics.htm
<DESCRIPTION>CODE OF CONDUCT
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<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">THE DREYFUS FAMILY OF FUNDS</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">CODE OF ETHICS FOR PRINCIPAL EXECUTIVE</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">AND SENIOR FINANCIAL OFFICERS</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">I. 	COVERED OFFICERS/PURPOSE OF THE CODE</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This code of ethics (the "Code") for the investment companies within the complex (each, a "Fund") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal
Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:</FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT><BR></LI>
<LI><FONT size=2 face="serif">full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made
by the Fund;</FONT><BR></LI>
<LI><FONT size=2 face="serif">compliance with applicable laws and governmental rules and regulations;</FONT><BR></LI>
<LI><FONT size=2 face="serif">the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT><BR></LI>
<LI><FONT size=2 face="serif">accountability for adherence to the Code.</FONT><BR></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.</FONT>
</P>
<P>
<FONT size=2 face="serif">II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS</FONT>
</P>
<P>
<FONT size=2 face="serif">OF INTEREST</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would
arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act
of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale
of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and
correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.</FONT>
</P>

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



<P>
<FONT size=2 face="serif"></FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of
which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in
establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser
and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been
handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered
Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.</FONT>
</P>
<P>
<FONT size=2 face="serif">Each Covered Officer must:</FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the
Fund;</FONT><BR></LI>
<LI><FONT size=2 face="serif">not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and</FONT><BR></LI>
<LI><FONT size=2 face="serif">not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.</FONT><BR></LI>
</UL>
<P>
<FONT size=2 face="serif">III. DISCLOSURE AND COMPLIANCE</FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;</FONT><BR></LI>
<LI><FONT size=2 face="serif">each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to
governmental regulators and self-regulatory organizations; and</FONT><BR></LI>
<LI><FONT size=2 face="serif">each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely
and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public</FONT><BR></LI>
</UL>

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



<P>
<FONT size=2 face="serif">communications made by the Fund; and</FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</FONT><BR></LI>
</UL>
<P>
<FONT size=2 face="serif">IV. REPORTING AND ACCOUNTABILITY</FONT>
</P>
<P>
<FONT size=2 face="serif">Each Covered Officer must:</FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;</FONT><BR></LI>
<LI><FONT size=2 face="serif">annually thereafter affirm to the Board that he has complied with the requirements of the Code; and</FONT><BR></LI>
<LI><FONT size=2 face="serif">notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.</FONT><BR></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular
situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund will follow these procedures in investigating and enforcing the Code:</FONT>
</P>
<UL>
<LI><FONT size=2 face="serif">the General Counsel will take all appropriate action to investigate any potential violations reported to him;</FONT><BR></LI>
<LI><FONT size=2 face="serif">if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;</FONT><BR></LI>
<LI><FONT size=2 face="serif">any matter that the General Counsel believes is a violation will be reported to the Board;</FONT><BR></LI>
<LI><FONT size=2 face="serif">if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to
appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;</FONT><BR></LI>
<LI><FONT size=2 face="serif">the Board will be responsible for granting waivers, as appropriate; and</FONT><BR></LI>
<LI><FONT size=2 face="serif">any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.</FONT><BR></LI>
</UL>
<P>
<FONT size=2 face="serif">V. 	OTHER POLICIES AND PROCEDURES</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment
companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate
requirements applying to the Covered Officers and others, and are not part of the Code.</FONT>
</P>

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



<P>
<FONT size=2 face="serif">
</FONT>
</P>
<P>
<FONT size=2 face="serif">VI. AMENDMENTS</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Code may not be amended except in written form which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board
members.</FONT>
</P>
<P>
<FONT size=2 face="serif">VII. CONFIDENTIALITY</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or
the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.</FONT>
</P>
<P>
<FONT size=2 face="serif">VIII. INTERNAL USE</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><FONT size=2 face="serif">Dated as of:</FONT></TD>
   <TD width="21%"><FONT size=2 face="serif">JULY 1, 2003</FONT></TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">EXHIBIT A</FONT></TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="59%"><FONT size=2 face="serif">Persons Covered by the Code of Ethics</FONT></TD>
   <TD width="42%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><FONT size=2 face="serif">Stephen E. Canter</FONT></TD>
   <TD width="16%"><FONT size=2 face="serif">President</FONT></TD>
   <TD width="42%"><FONT size=2 face="serif">(Principal Executive</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="42%"><FONT size=2 face="serif">Officer)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="42%"><FONT size=2 face="serif">(Principal Financial and</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">James Windels</FONT></TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="16%"><FONT size=2 face="serif">Treasurer</FONT></TD>
   <TD width="42%"><FONT size=2 face="serif">Accounting Officer)</FONT></TD>
</TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>9
<FILENAME>ex302-852.htm
<DESCRIPTION>CERTIFICATION 302
<TEXT>
<HTML>
<HEAD>
   <TITLE>ex302-852</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY bgcolor="#ffffff">



<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>
<P align="center">
<IMG src="ex302-852x1x1.jpg" border=0>
</P>

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



<P align="center">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">SECTION 302 CERTIFICATION</FONT></B><BR>
</TD></TR></TABLE>

<P>
<FONT size=2 face="serif">I, James Windels, certify that:</FONT></P>
<P>
<FONT size=2 face="serif">1. I have reviewed this report on Form N-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>
<P align="center">
<IMG src="ex302-852x2x1.jpg" border=0>
</P>

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</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>ex302-852x1x1.jpg
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<P>
<FONT face="serif"> </FONT><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>
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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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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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