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<SEC-DOCUMENT>0000950156-06-000116.txt : 20060331
<SEC-HEADER>0000950156-06-000116.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331143449
ACCESSION NUMBER:		0000950156-06-000116
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFS MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000801961
		IRS NUMBER:				046554822
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04841
		FILM NUMBER:		06727894

	BUSINESS ADDRESS:	
		STREET 1:		500 BOYLSTON ST
		STREET 2:		15TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		18006372929

	MAIL ADDRESS:	
		STREET 1:		500 BOYLSTON STREET
		STREET 2:		15TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d64390.htm
<DESCRIPTION>MFS MUNICIPAL INCOME TRUST
<TEXT>
<!DOCTYPE HTML PUBLIC "d64390.pdf">


<HTML>
<HEAD>
   <TITLE>d64390.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">


<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>UNITED STATES</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>SECURITIES AND EXCHANGE
      COMMISSION</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>Washington, D.C.
  20549</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>FORM N-Q</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center noWrap align=center width="99%"
   ><FONT
      face="Times New Roman"><BR><FONT size=3>QUARTERLY
      SCHEDULE OF PORTFOLIO HOLDINGS OF&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center noWrap align=center width="99%"
   ><FONT
      face="Times New Roman"><FONT size=3>REGISTERED MANAGEMENT
      INVESTMENT COMPANIES&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>Investment Company Act file number
      811-4841</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT
      size=3>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>MFS MUNICIPAL INCOME
    TRUST</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT
      size=3>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>(Exact name of registrant as specified in
      charter)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>500 Boylston Street, Boston,
      Massachusetts 02116</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT
      size=3>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>(Address of principal executive offices)
      (Zip code)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>Susan S. Newton</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>Massachusetts Financial Services
      Company</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>500 Boylston Street</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>Boston, Massachusetts
  02116</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT
      size=3>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><FONT size=3>(Name and address of agents for
      service)</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center noWrap align=center width="99%"
   ><FONT
      face="Times New Roman"><BR><FONT size=3>Registrant&#146;s
      telephone number, including area code: (617)
    954-5000&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT
      size=3>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>Date of fiscal year end: October
      31</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT
      size=3>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="99%"
   ><FONT face="Times New Roman"
     ><BR><FONT size=3>Date of reporting period: January 31,
      2006</FONT></FONT></TD></TR></TABLE><BR>

</HR>

<P style="PAGE-BREAK-BEFORE: always"></P>

<BR>ITEM 1. SCHEDULE
OF INVESTMENTS.<BR><BR><IMG height=878
src="d64390_reportx1x1.jpg"
width=646 border=0> <BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; 140.8%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Airport &amp; Port Revenue &#150; 5.1%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Chicago, IL,
      O'Hare International Airport Rev., RITES, FSA, 7.634%, 2022
      (r)(v)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>$ 1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,788,990</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Chicago, IL,
      O'Hare International Airport Rev., Third Lien, "A", FGIC, 5%,
      2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>345,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>356,426</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Chicago, IL,
      O'Hare International Airport Rev., Third Lien, "A", MBIA, 5%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,385,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,440,954</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, City Industrial Development Agency, Special Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Terminal One Group), 5.5%, 2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>275,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>291,143</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Oklahoma
      City, OK, Airport Trust Rev., FSA, 5.75%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>3,125,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,334,906</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Port
      Authority, NY, Special Obligations Rev. (JFK International), MBIA, 5.75%,
      2022</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>7,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>7,385,700</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Seattle, WA,
      Airport Trust Rev., FGIC, 5.625%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,608,960</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>16,207,079</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Chemicals &#150; 0.6%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Red River
      Authority, TX, Pollution Control Rev. (Celanese Project), 6.7%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>$ 1,920,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,035,469</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >General Obligations - General Purpose &#150; 2.1%</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Huntsville,
      AL, Capital Improvement Warrants, "C", MBIA, 5%, 2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>$ 275,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>288,962</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Kane Kendall
      County, IL, Capital Appreciation, "E", FGIC, 0%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,945,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>811,979</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Kane Kendall
      County, IL, Capital Appreciation, "E", FGIC, 0%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,915,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>711,748</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Lake County,
      IL, Land Acquisition &amp; Development, 5.75%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,090,020</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, "M", 5%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>3,800,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,906,628</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>6,809,337</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >General Obligations - Schools &#150; 1.0%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Aledo, TX,
      Independent School District, School Building, "A", PSF, 5.125%,
      2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>$ 955,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>995,291</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>De Soto, TX,
      Independent School District, School Building, PSF, 0%, 2031</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>555,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>145,959</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>De Soto, TX,
      Independent School District, School Building, PSF, 0%, 2034</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>415,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>92,001</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>De Soto, TX,
      Independent School District, School Building, PSF, 0%, 2036</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>555,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>110,706</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Leander, TX,
      Independent School District, Capital Appreciation, Refunding,
      School</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Building, FGIC, 0%, 2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,285,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>444,199</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Leander, TX,
      Independent School District, Capital Appreciation, Refunding,
      School</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Building, FGIC, 0%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,295,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>330,108</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Royse City,
      TX, Independent School District, School Building, PSF, 0%,
      2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>955,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>318,168</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Royse City,
      TX, Independent School District, School Building, PSF, 0%,
      2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>960,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>301,258</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Royse City,
      TX, Independent School District, School Building, PSF, 0%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>965,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>285,679</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,023,369</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Healthcare Revenue - Hospitals &#150; 39.3%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Allegheny
      County, PA, Hospital Development Authority Rev. (South Hills
      Health</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Systems), "B", 6.75%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>$ 500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>527,765</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noshade size=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Allegheny
      County, PA, Hospital Development Authority Rev. (West Penn
      Allegheny</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Health), 9.25%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,357,480</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Allegheny
      County, PA, Hospital Development Authority Rev. (West Penn
      Allegheny</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Health), "B", 9.25%, 2022</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,183,510</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Arkansas
      Development Finance Authority Rev. (Washington Regional
      Medical</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Center), 7.25%, 2010 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>568,730</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Athens
      County, OH, Hospital Facilities Rev. (O'Bleness Memorial Hospital),
      "A",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >7.125%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,558,170</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Baldwin
      County, AL, Eastern Shore Health Care Authority Rev. (Thomas
      Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.75%, 2008 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>700,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>747,131</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Birmingham,
      AL, Baptist Medical Center, Special Care Facilities Rev. (Baptist
      Health</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Systems Inc.), "A", 5%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>473,747</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Brookhaven,
      NY, Civic Facilities Rev. (Memorial Hospital Medical Center,
      Inc.),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"

     >&nbsp;&nbsp;&nbsp;<FONT size=2><FONT
      face="Arial Narrow">7.75%, <FONT
     >2010</FONT></FONT></FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>695,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>739,973</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>California
      Valley Health Systems, COP, 6.875%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>740,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>742,146</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Chautauqua
      County, NY, Industrial Development Agency, Civic Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Women's Christian Assn.), "A", 6.35%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>235,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>239,735</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Chautauqua
      County, NY, Industrial Development Agency, Civic Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Women's Christian Assn.), "A", 6.4%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   ><FONT face="Arial Narrow"
      size=2>980,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>979,628</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="17%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="17%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_3></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2

     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Healthcare Revenue - Hospitals &#150;
      continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Chemung County, NY, Civic Facilities Rev. (St. Joseph's
      Hospital-Elmira),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT size=2><FONT
      face="Arial Narrow">"A", 6%, <FONT
     >2013</FONT></FONT></FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >492,112</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Chemung County, NY, Civic Facilities Rev. (St. Joseph's
      Hospital-Elmira), "B",&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; <FONT face="Arial Narrow"
      size=2>6.35%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2013</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >120,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >123,239</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Chester County, PA, Health &amp; Educational Facilities Rev.
      (Chester County Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6.75%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,625,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,778,790</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Citrus County, FL, Hospital Development Authority Rev.
      (Citrus Memorial Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6.25%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >955,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,021,812</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Coffee County, GA, Hospital Authority Rev. (Coffee Regional
      Medical Center, Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >5%, 2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >40,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >39,997</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Health Facilities Authority Rev. (Parkview Medical
      Center), 6.5%, 2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,230,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,354,562</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Health Facilities Authority Rev. (Parkview Medical
      Center), 6.6%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,097,370</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Health Facilities Authority Rev. (Portercare
      Adventist Health Systems),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6.625%, 2011 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >675,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >785,808</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Crittenden County, AR, Hospital Rev., 7%, 2020</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,030,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,034,687</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.),
      7.5%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,330,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,476,912</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Delaware Health Facilities Authority Rev. (Nanticoke Memorial
      Hospital),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT size=2><FONT
      face="Arial Narrow">5.625%, <FONT
     >2032</FONT></FONT></FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,318,763</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Denver, CO, Health &amp; Hospital Authority Rev., 5.25%,
      2013</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >635,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >647,954</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Denver, CO, Health &amp; Hospital Authority Rev., 5.375%,
      2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,533,930</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Denver, CO, Health &amp; Hospital Authority Rev., 5.375%,
      2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >860,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >863,913</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Denver, CO, Health &amp; Hospital Authority Rev., "A", 6%,
      2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >266,120</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >District of Columbia, Health &amp; Hospital Authority Rev.
      (Medstar University Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >"D", 6.875%, 2007 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,200,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,244,316</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial
      Hospital), 6.2%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >247,435</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial
      Hospital), 6.5%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >295,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >295,227</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Grand Forks, ND, Health Care Authority Rev. (Altru Health
      Systems Obligated Group),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >7.125%, 2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >755,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >839,318</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital),
      5.75%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,026,550</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Highlands County, FL, Health Facilities Authority Rev.
      (Adventist/Sunbelt Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >900,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >972,576</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,205,680</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Huntsville, AL, Health Care Authority Rev., 5.625%,
      2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >875,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >915,390</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Illinois Development Finance Authority, Hospital Authority
      Rev. (Adventist/Sunbelt</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), 5.65%, 2009 (c)</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,898,138</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Illinois Health Facilities Authority Rev. (Centegra Heath
      Systems), 5.25%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,018,260</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Indiana Health Facilities Financing Authority, Hospital Rev.
      (Clarian Health),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; <FONT face="Arial Narrow" size=2>"A",
      5%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2039</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,110,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,101,109</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Indiana Health Facilities Financing Authority, Hospital Rev.
      (Community Hospital), "A",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >AMBAC, 5%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,780,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,839,772</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Indiana Health Facilities Financing Authority, Hospital Rev.
      (Munster Medical</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Research Foundation, Inc.), 6.375%,
      2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >3,990,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,215,435</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Indiana Health Facilities Financing Authority, Hospital Rev.
      (Riverview Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6.125%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,047,960</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Johnson City, TN, Health &amp; Educational Facilities,
      Hospital Rev. (Mountain States</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Health), "A", 5.5%, 2036</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >280,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >290,550</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Joplin, MO, Industrial Development Authority Health
      Facilities Rev. (Freeman Health</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Systems), 5.5%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >440,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >456,962</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Joplin, MO, Industrial Development Authority Health
      Facilities Rev. (Freeman Health</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Systems), 5.75%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >475,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >506,583</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Kentucky Economic Development Finance Authority, Health
      Systems Rev. (Norton</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Healthcare, Inc.), 6.5%,
      2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,463,150</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Knox County, TN, Health Educational Housing Facilities Board,
      Hospital Facilities Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(Baptist Health Systems), 6.5%,
      2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,725,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,831,950</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2</FONT>&nbsp; </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_4></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Healthcare Revenue - Hospitals &#150; continued</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Lauderdale
      County &amp; Florence, AL, Health Care Authority Rev. (Coffee Health
      Group),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >MBIA, 5.625%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,253,260</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Lufkin, TX,
      Health Facilities Rev. (Memorial Health System of East
      Texas),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      <FONT face="Arial Narrow" size=2>6.875%,</FONT>&nbsp;<FONT
      face="Arial Narrow" size=2>2006
      (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,565,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,598,178</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Lufkin, TX,
      Health Facilities Rev. (Memorial Health System of East Texas), </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      <FONT face="Arial Narrow" size=2>5.7%, 2008</FONT>&nbsp;&nbsp;&nbsp;<FONT
      face="Arial Narrow" size=2
     >(c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>995,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,056,332</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Macomb
      County, MI, Hospital Finance Authority Rev. (Mount Clemens
      General</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), 5.75%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>984,840</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Macomb
      County, MI, Hospital Finance Authority Rev. (Mount Clemens
      General</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), 5.875%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>905,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>889,669</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Maryland
      Health &amp; Higher Educational Facilities Authority Rev. (Medstar
      Health),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.5%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>380,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>392,259</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Maryland
      Health &amp; Higher Educational Facilities Authority Rev. (North
      Arundel</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), 6.5%, 2010 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,696,590</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Massachusetts Health &amp; Educational Facilities Authority
      Rev. (Berkshire Health</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Systems), 6.25%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,900,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,021,372</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Massachusetts Health &amp; Educational Facilities Authority
      Rev. (Caritas Christi),</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>
      6.5%,</FONT>&nbsp;&nbsp;<FONT face="Arial Narrow" size=2
     >2012</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>600,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>654,306</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Massachusetts Health &amp; Educational Facilities Authority
      Rev. (Caritas Christi),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT size=2><FONT
      face="Arial Narrow">5.7%, <FONT
     >2015</FONT></FONT></FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>517,525</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Massachusetts Health &amp; Educational Facilities Authority
      Rev. (Jordan Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.25%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,400,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,403,864</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Massachusetts Health &amp; Educational Facilities Authority
      Rev. (Northern Berkshire</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Health), "B", 6.375%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>640,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>661,286</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Massachusetts Health &amp; Educational Facilities Authority
      Rev. (Saints Memorial</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Medical Center), 6%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>465,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>466,102</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Miami Beach,
      FL, Health Facilities Rev. (Mount Sinai Medical Center), 6.75%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>810,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>893,714</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Miami Beach,
      FL, Health Facilities Rev. (Mount Sinai Medical Center), "A", 6.7%,
      2019</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>995,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,084,988</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Mississippi
      Business Finance Corp., Health Facilities Rev. (Rush Medical
      Foundation,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Inc.), 5.625%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>845,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>840,522</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Mississippi
      Hospital Equipment, Health Facilities Rev. (Rush Medical
      Foundation,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Inc.), 5.4%, 2007</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>105,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>105,942</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Monroe
      County, NY, Industrial Development Agency, Civic Facilities Rev.
      (Highland</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital of Rochester), 5%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>65,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>65,489</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Montgomery,
      AL, Special Care Facilities, Financing Authority Rev. (Baptist Health),
      "A-</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >2", MBIA, 0% to 2007, 5% to 2014 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,725,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,707,284</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Montgomery,
      AL, Special Care Facilities, Financing Authority Rev. (Baptist
      Health),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >"C", 5.25%, 2014 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>760,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>839,808</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Mount
      Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial
      Hospital),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT size=2><FONT
      face="Arial Narrow">5.625%, <FONT
     >2032</FONT></FONT></FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>435,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>454,340</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Nassau
      County, NY, Industrial Development Agency, Civic Facilities Rev.
      (North</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Shore Health System), 5.625%, 2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>620,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>645,290</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Nassau
      County, NY, Industrial Development Agency, Civic Facilities Rev.
      (North</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Shore Health System), 5.875%, 2011</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>485,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>513,843</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New
      Hampshire Health &amp; Educational Facilities Authority Rev. (Covenant
      Health),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.5%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>870,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>979,089</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New
      Hampshire Higher Educational &amp; Health Facilities Authority Rev.
      (Catholic</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Medical Center), 6.125%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,040,940</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Health Care Facilities, Financing Authority Rev. (Children's
      Specialized</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), "A", 5.5%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>245,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>254,043</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Health Care Facilities, Financing Authority Rev. (St. Peter's
      University</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), 6.875%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,284,550</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Health &amp; Hospital Corp. Rev., "A", 5.25%, 2017</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>700,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>730,961</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Industrial Development Agency, Civic Facilities Rev.
      (Staten</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Island University Hospital), "A", 6.375%, 2031</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>509,375</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_5></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="73%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Healthcare Revenue - Hospitals &#150; continued</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>New York
      State Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai
      NYU</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Health), 5.5%, 2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>635,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>645,700</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>New York
      State Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai
      NYU</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Health), "C", 5.5%, 2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>508,425</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Norman, OK,
      Regional Hospital Authority Rev., 5.375%, 2036</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>487,658</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>North Texas
      Health Facilities Development Corp. Rev. (United Regional Health
      Care</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >System, Inc.), 6%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,078,070</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Ohio County,
      WV, County Commission Health System Rev. (Ohio Valley Medical</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Center), 5.75%, 2013</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>850,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>814,147</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Oklahoma
      Development Finance Authority Rev. (Comanche County Hospital),
      6.6%,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,665,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,818,446</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Rhode Island
      Health &amp; Education Building Rev., Hospital Financing
      (Lifespan</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Obligated Group), 6.375%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,805,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,001,167</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Rhode Island
      Health &amp; Education Building Rev., Hospital Financing
      (Lifespan</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Obligated Group), 6.5%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>505,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>558,005</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Royston, GA,
      Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.),&nbsp;</FONT>
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>6.375%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>955,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>944,294</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Salt Lake
      City, UT, Hospital Authority Rev. INFLOS, AMBAC, ETM
      (Intermountain</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Health Care), 10.022%, 2020 (c)(v)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>600,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>602,496</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Shelby
      County, TN, Educational &amp; Hospital Facilities Board Hospital Rev.
      (Methodist</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Healthcare), 6.375%, 2012 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>625,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>721,800</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Shelby
      County, TN, Educational &amp; Housing Facilities Board Hospital Rev.
      (Methodist</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Healthcare), 6.25%, 2012 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>315,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>361,507</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Shelby
      County, TN, Educational &amp; Housing Facilities Board Hospital Rev.
      (Methodist</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Healthcare), 6.25%, 2018 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>185,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>212,313</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Shelby
      County, TN, Educational &amp; Housing Facilities Board Hospital Rev.
      (Methodist</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Healthcare), 6.375%, 2019 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>375,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>433,080</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>South
      Carolina Jobs &amp; Economic Development Authority Rev. (Bon Secours
      Health</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Systems, Inc.), "A", 5.625%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>710,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>736,029</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>South
      Carolina Jobs &amp; Economic Development Authority, Hospital Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Palmetto Health Alliance), 6.25%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>835,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>903,361</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>South
      Carolina Medical University, Hospital Facilities Rev., "A", MBIA, 5%,
      2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>685,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>705,118</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>South Dakota
      Health &amp; Education Facilities Authority Rev. (Prairie Lakes Health
      Care</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >System), 5.625%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>670,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>690,830</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Southwestern
      Illinois Development Authority Rev. (Anderson Hospital), 5.5%,
      2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>60,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>62,531</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Southwestern
      Illinois Development Authority Rev. (Anderson Hospital), 5.625%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>870,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>894,412</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Springfield,
      TN, Health &amp; Educational Facilities Rev. (Northcrest Medical
      Center),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.25%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,400,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,398,726</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2
     >Steubenville, OH, Hospital Authority Rev. (Trinity Health
      Center), 6.5%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,300,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,424,137</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Stillwater,
      OK, Medical Center Authority, 5.625%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,055,450</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Tallahassee,
      FL, Health Facilities Rev. (Tallahassee Memorial Healthcare), </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>6.25%,</FONT> <FONT face="Arial Narrow" size=2
     >2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,085,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,280,928</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Texas Metro
      Health Facilities Development Corp., Metro Health Facilities</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Development Rev. (Wilson N. Jones Memorial Hospital), 7.2%,
      2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>700,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>717,626</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Texas Metro
      Health Facilities Development Corp., Metro Health Facilities</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Development Rev. (Wilson N. Jones Memorial Hospital), 7.25%,
      2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,022,210</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Tom Green
      County, TX, Health Facilities Rev. (Shannon Health System), 6.75%,
      2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,348,938</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Upper
      Illinois River Valley Development, Health Facilities Rev. (Morris
      Hospital),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.625%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>600,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>653,532</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Valley, AL,
      Special Care Facilities, Financing Authority Rev. (Lanier
      Memorial</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), 5.6%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>600,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>601,344</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Wapello
      County, IA, Hospital Authority Rev. (Ottumwa Regional Health
      Center),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.375%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,581,630</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Washington
      County, AR, Hospital Rev., Regional Medical Center, "A", 5%,
      2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>247,730</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   ><FONT
      face="Arial Narrow" size=2>Washington
      County, AR, Hospital Rev., Regional Medical Center, "B", 5%,
      2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,010,830</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="68%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="4%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="68%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="4%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>4</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_6></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="71%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Healthcare Revenue - Hospitals &#150; continued</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Weirton, WV,
      Municipal Hospital Building, Commission Rev. (Weirton Hospital
      Medical</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Center), 6.375%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,115,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,122,682</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Weslaco, TX,
      Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,060,340</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>West Plains,
      MO, Industrial Development Authority Rev. (Ozarks Medical
      Center),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.75%, 2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>170,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>175,216</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>West Shore
      Pennsylvania, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%,
      2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,335,100</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Wichita, KS,
      Hospital Authority Rev. (Via Christi Health System), 6.25%,
      2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,668,120</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Wisconsin
      Health &amp; Educational Facilities Authority Rev. (Aurora Health Care,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.875%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,145,920</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Wisconsin
      Health &amp; Educational Facilities Authority Rev. (Aurora Health Care,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >MBIA, 5.25%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>5,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>5,218,150</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Wisconsin
      Health &amp; Educational Facilities Authority Rev. (Marshfield Clinic),
      "A",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.375%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>503,568</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Yonkers, NY,
      Industrial Development Agency, Civic Facilities Rev. (St.
      John's</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Riverside Hospital), 6.8%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>710,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>736,128</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Yonkers, NY,
      Industrial Development Agency, Civic Facilities Rev. (St.
      John's</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Riverside Hospital), "A", 7.125%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>505,102</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Yonkers, NY,
      Industrial Development Agency, Civic Facilities Rev. (St.
      Joseph's</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), "C", 6.2%, 2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>665,370</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>124,574,272</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Healthcare Revenue - Long Term Care &#150; 11.9%</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Abilene, TX,
      Health Facilities Development Co., Retirement Facilities Rev.
      (Sears</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Methodist Retirement), "A", 7%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>345,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>371,268</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Arizona
      Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2033
      (r)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>827,513</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Bell County,
      TX, Health Facilities Development Rev. (Advanced Living
      Technology),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >7.75%, 2006</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>65,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>64,353</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Bell County,
      TX, Health Facilities Development Rev. (Advanced Living
      Technology),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >8.125%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,085,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,012,164</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Bell County,
      TX, Health Facilities Development Rev. (Advanced Living
      Technology),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >8.5%, 2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,405,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>2,193,985</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Bridgeport,
      CT, Senior Living Facility Rev. (3030 Park Retirement
      Community),&nbsp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"

     >&nbsp;&nbsp;&nbsp;<FONT size=2><FONT
      face="Arial Narrow">7.25%, <FONT>2035
      (r)(d)</FONT></FONT></FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,020,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>870,335</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Bucks
      County, PA, Industrial Development Authority Rev. (Ann's Choice,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.125%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>430,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>442,616</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Cambria
      County, PA, Industrial Development Authority Rev. (Beverly
      Enterprises,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Inc.), 10%, 2012</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>400,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>454,724</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Chester
      County, PA, Industrial Development Authority Rev. (RHA Nursing
      Home),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >8.5%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>595,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>617,122</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Clarion, PA,
      Industrial Development Authority Rev. (Beverly Enterprises,
      Inc.),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>7.5%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2012</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,017,590</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Colorado
      Health Facilities Authority Rev. (Covenant Retirement Communities,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >"B", 6.125%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,073,160</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Colorado
      Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%,
      2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>3,402,330</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Contra Costa
      County, CA, Residential Rental Facilities Rev. (Cypress
      Meadows),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>7%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2028 (r)(d)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>217,707</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>65,312</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Cumberland
      County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%, 2013
      (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>720,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>875,743</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Cumberland
      County, PA, Municipal Authority Rev. (Wesley), "A", 7.25%,
      2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>280,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>299,424</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Franklin
      County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>1,095,310</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Fulton
      County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%,
      2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>330,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>333,848</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Greenville
      County, SC, Hospital Rev. (Chestnut Hill), "A", 8%, 2015</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,125,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>2,131,779</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Hawaii
      Department of Budget &amp; Finance, Special Purpose Rev. (Kahala Nui
      Senior</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Living Community), 8%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>578,340</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Illinois
      Finance Authority Rev. (Clare at Water Tower), "A", 6%, 2025</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>490,960</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT
      face="Arial Narrow" size=2>Illinois
      Finance Authority Rev. (Landing at Plymouth Place), "A", 6%,
      2037</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>489,020</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="12%"
   ><FONT face="Arial Narrow"
      size=2>5</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_7></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=3
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="58%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><B><FONT
      face="Arial Narrow" size=2
     >Healthcare Revenue - Long Term Care &#150;
      continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Iowa Finance
      Authority, Health Care Facilities Rev. (Care Initiatives
      Project),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.75%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2018</FONT>&nbsp; &nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>895,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>889,567</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Iowa Finance
      Authority, Health Care Facilities Rev. (Care Initiatives
      Project),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>9.25%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2025</FONT>&nbsp; &nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,645,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,968,999</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Lenexa,
      KS,</FONT> <FONT face="Arial Narrow" size=2
     >Health Care Facilities Rev. (Lakeview Village, Inc.), 6.875%,
      2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>538,775</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Lenexa,
      KS,</FONT> <FONT face="Arial Narrow" size=2
     >Health Care Facilities Rev. (Lakeview Village, Inc.), "B",
      6.25%, 2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>510,170</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Maine Health
      &amp; Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009
      (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>800,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>876,608</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Millbrae,
      CA, Residential Facilities Rev. (Magnolia of Millbrae), "A", 7.375%,
      2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,880,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,965,258</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Montgomery
      County, PA, Higher Education &amp; Health Authority Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(AHF/Montgomery), 10.5%, 2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,175,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,178,611</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Montgomery
      County, PA, Industrial Development Authority Rev. (Whitemarsh</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Continuing Care), 6.125%, 2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>261,973</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Montgomery
      County, PA, Industrial Development Authority Rev. (Whitemarsh</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Continuing Care), 6.25%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>510,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>535,209</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Economic Development Authority Rev. (Courthouse Convalescent</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Center), "A", 8.7%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>650,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>652,490</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Economic Development Authority Rev. (Lions Gate), "A", 5.875%,
      2037</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>310,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>314,625</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%,
      2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,035,080</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Norfolk, VA,
      Redevelopment &amp; Housing Authority Rev. (Fort Norfolk
      Retirement</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Community), "A", 6%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>125,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>127,956</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Norfolk, VA,
      Redevelopment &amp; Housing Authority Rev. (Fort Norfolk
      Retirement</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Community), "A", 6.125%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>90,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>92,021</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Reedley, CA,
      COP (Mennonite Home), 7.5%, 2006 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,705,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,832,378</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Shelby
      County, TN, Health Educational Rev. (Germantown Village), 7.25%,
      2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>820,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>845,978</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Sterling, IL
      (Hoosier Care), 7.125%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>710,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>652,952</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Suffolk
      County, NY, Industrial Development Agency (Medford Hamlet Assisted
      Living),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.375%, 2039</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>499,745</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Travis
      County, TX, Health Facilities Development Corp., Retirement Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Querencia Barton Creek), 5.5%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>220,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>215,015</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Travis
      County, TX, Health Facilities Development Corp., Retirement Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Querencia Barton Creek), 5.65%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>310,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>300,499</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Washington
      County, FL, Industrial Development Authority Rev. (Washington
      County),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >10%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="58%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>860,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>863,655</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Wilkinsburg,
      PA, Municipal Authority Health Rev. (Monroeville
      Christian/Judea),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >8.25%, 2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>980,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,005,284</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="58%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>37,869,744</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><B><FONT
      face="Arial Narrow" size=2
     >Human Services &#150; 2.8%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Cheneyville,
      LA, Westside Habilitation Center Rev., 8.375%, 2013</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,410,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,417,233</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Iowa Finance
      Authority, Community Provider (Boys &amp; Girls Home), 6.25%,
      2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>478,770</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Lehigh
      County, PA, General Purpose Authority (Kidspeace Corp.), 6%,
      2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,853,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Industrial Development Agency, Civic Facility Rev. (Special
      Needs</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Facilities), 6.5%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,030,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,066,483</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Industrial Development Agency, Civic Facility Rev. (Special
      Needs</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Facilities), "A", 5.75%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>946,280</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Orange
      County, FL, Health Facilities Authority Rev. (GF/Orlando
      Healthcare</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Facilities), 8.75%, 2011</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>510,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>532,119</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Orange
      County, FL, Health Facilities Authority Rev. (GF/Orlando
      Healthcare</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Facilities), 9%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,072,370</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Osceola
      County, FL, Industrial Development Authority Rev. (Community
      Provider),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >7.75%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>454,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>456,778</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="58%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>8,823,783</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="58%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Airlines &#150; 4.4%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>Dallas Fort
      Worth, TX, International Airport Facility Improvement Corp.
      (American</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%" colSpan=2
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Airlines, Inc.), 7.25%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,515,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,120,044</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="58%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>6</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_8></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Airlines &#150; continued</FONT></B>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Dallas Fort
      Worth, TX, International Airport Facility Improvement Corp.
      (American</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Airlines, Inc.), 6.375%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,765,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,068,441</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Houston, TX,
      Airport Systems Rev., Special Facilities (Continental, Inc.),
      "E",&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>6.75%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,700,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,680,025</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Economic Development Authority (Continental Airlines, Inc.), 7.2%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,595,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,602,720</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Economic Development Authority, Special Facilities Rev.
      (Continental</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Airlines, Inc.), 6.25%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>505,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>464,600</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Industrial Development Agencies Rev. (Continental Airlines,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >7.25%, 2008</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>160,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>160,018</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Industrial Development Agencies Rev. (Continental Airlines,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >8%, 2012</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>300,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>300,486</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, Industrial Development Agency Rev. (American Airlines,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >7.625%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,055,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,152,638</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Tulsa, OK,
      Municipal Airport Trust Rev. (American Airlines, Inc.), "B", 5.65%,
      2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>40,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>39,100</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Tulsa, OK,
      Municipal Airport Trust Rev. (AMR Corp.), "B", 6%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,466,025</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>14,054,097</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Chemicals &#150; 0.3%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Sweetwater
      County, WY, Solid Waste Disposal Rev. (FMC Corp.), 5.6%, 2035</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>985,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>997,322</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Environmental Services &#150;
      3.5%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>California
      Pollution Control Financing Authority, Solid Waste Disposal Rev.
      (Browning</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Ferris, Inc.), "A", 5.8%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>979,310</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>California
      Statewide Community Development Authority, Solid Waste Facilities
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Republic Services, Inc.), "A", 4.95%, 2012</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,035,060</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Gloucester
      County, NJ, Solid Waste Resource Recovery Rev. (Waste
      Management,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Inc.), 6.85%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>850,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>935,128</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Henrico
      County, VA, Industrial Development Authority Rev. (Browning Ferris,
      Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.45%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,696,310</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Illinois
      Development Finance Authority, Solid Waste Disposal Rev.
      (Waste</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Management, Inc.), 5.85%, 2007</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>4,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>4,583,880</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Nevada
      Department of Business Rev. (Republic Services, Inc.), 5.625%,
      2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>801,968</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Morgan,
      PA, Industrial Development Authority, Solid Waste Disposal Rev.
      (New</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Morgan Landfill Co, Inc./Browning Ferris, Inc.), 6.5%,
      2019</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,001,960</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>11,033,616</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Metals &#150; 0.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Mobile
      County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>650,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>696,196</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Other &#150; 5.3%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Gulf Coast,
      TX, Industrial Development Authority (Valero Energy Corp.), 5.6%,
      2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,802,378</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Gulf Coast,
      TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,086,070</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Hardeman
      County, TN, Correctional Facilities Rev., 7.75%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,220,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,302,140</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Madison
      County, FL, Rev. (Twin Oaks Project), "A", 6%, 2025 (r)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>565,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>555,909</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Economic Development Authority, Economic Development Rev.
      (Holt</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hauling &amp; Warehousing), 8.4%, 2015 (r)(q)</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>910,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New Jersey
      Economic Development Authority, Economic Development Rev.
      (Holt</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Hauling &amp; Warehousing), 8.6%, 2017 (r)(q)</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>910,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New York
      City, NY, City Industrial Development Agency Rev., Liberty</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >IAC/Interactivecorp, 5%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>620,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>616,522</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Park Creek
      Metropolitan District, CO, Rev., Custodial Receipts, CR-1, </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>7.875%, 2032</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >(a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,270,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,416,558</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Park Creek
      Metropolitan District, CO, Rev., Custodial Receipts, CR-2, </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>7.875%, 2032</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >(a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>580,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>646,932</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pennsylvania
      Economic Development Financing Authority, Finance Authority
      Facilities</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Rev. (Amtrak), "A", 6.25%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,132,180</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>7</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_9></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Other &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Philadelphia, PA, Industrial Development Authority Rev. (Host
      Marriott LP),</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>
      7.75%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,255,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,288,136</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Port Corpus
      Christi, TX, Industrial Development Authority Rev. (Citgo
      Petroleum</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Corp.), 8.25%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>700,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>737,926</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Tooele
      County, UT, Hazardous Waste Treatment Rev. (Union Pacific
      Corp.),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.7%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>385,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>403,180</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>16,807,931</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Industrial Revenue - Paper &#150; 6.4%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Bedford
      County, VA, Industrial Development Authority Rev. (Nekoosa Packaging),
      "A",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.55%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,030,230</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Butler, AL,
      Industrial Development Board, Solid Waste Disposal Rev. (Georgia
      Pacific</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Corp.), 5.75%, 2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>155,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>153,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Columbus
      County, NC, Industrial Facilities &amp; Pollution Control Financing
      Authority</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(International Paper, Co.), "A", 6.15%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>5,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>5,166,700</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Delta
      County, MI, Economic Development Corp., Environmental Improvements
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Mead Westvaco Escanaba), "A", 6.25%, 2012 (c)</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,145,420</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Delta
      County, MI, Economic Development Corp., Environmental Improvements
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Mead Westvaco Escanaba), "B", 6.45%, 2012 (c)</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>573,735</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Effingham
      County, GA, Development Authority, Solid Waste Disposal Rev.
      (Fort</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >James), 5.625%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>850,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>826,727</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Hodge, LA,
      Utilities Rev. (Stone Container Corp.), 7.45%, 2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,335,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,568,083</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Lowndes
      County, MS, Solid Waste Disposal &amp; Pollution Control Rev.
      (Weyerhaeuser</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Co.), 6.8%, 2022</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,400,660</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Navajo
      County, AZ, Industrial Development Authority (Stone Container
      Corp.),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>7.2%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>880,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>903,866</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Onondaga
      County, NY, Industrial Development Authority Rev., Solid Waste
      Disposal</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Rev. (Solvay Paperboard LLC), 6.8%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,051,910</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>West Point,
      VA, Industrial Development Authority, Solid Waste Disposal
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Chesapeake Corp.), 6.25%, 2019</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,815,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,819,011</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>West Point,
      VA, Industrial Development Authority, Solid Waste Disposal
      Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Chesapeake Corp.), "A", 6.375%, 2019</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>700,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>701,554</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>York County,
      SC, Pollution Control Rev. (Bowater, Inc.), "A", 7.4%, 2010</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>830,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>835,918</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>20,177,064</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Miscellaneous Revenue - Entertainment &amp; Tourism &#150;
      0.7%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>California
      Statewide Communities Development Authority Rev., East Valley
      Tourist</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Cabazon Casino), "A", 9.25%, 2020 (a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,155,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,272,279</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Mississippi
      Development Bank, Special Obligation (Diamond Lakes
      Utilities),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>6.25%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,025,820</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,298,099</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Miscellaneous Revenue - Other &#150; 2.3%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Austin, TX,
      Convention Center (Convention Enterprises, Inc.), "A", 6.6%,
      2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>400,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>427,724</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Austin, TX,
      Convention Center (Convention Enterprises, Inc.), "A", 6.7%,
      2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>600,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>639,870</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Baltimore,
      MD, Convention Center Hotel Rev., "B", 5.875%, 2039</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>295,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>305,428</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Cleveland
      Cuyahoga County, OH, Port Authority Rev. (Cleveland City), "B", </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>4.5%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,320,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,322,072</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Cleveland-Cuyahoga County, OH, Port Authority Rev.
      (Fairmount), "B", 5.125%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>190,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>194,463</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Cleveland-Cuyahoga County, OH, Port Authority Rev. (Myers
      University), "E", </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.6%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>135,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>141,472</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Dayton
      Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%,
      2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,130,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,236,096</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Gallery
      Certificate Trust, PA, Parking Rev., FSA, 4.5%, 2013 (r)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>785,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>783,116</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>San Antonio,
      TX, Convention Center, Hotel Financial Corp., Contract Rev.</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >(Empowerment Zone), "A", AMBAC, 5%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>695,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>707,030</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Southwestern
      Illinois Development Authority Rev., Solid Waste Disposal Rev., </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.9%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>310,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>314,148</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>8</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_10></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Miscellaneous Revenue - Other &#150; continued</FONT></B>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Summit
      County, OH, Port Authority Building (Seville), "A", 5.1%,
      2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>210,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>214,343</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Summit
      County, OH, Port Authority Building (Twinsburg Township), "D", 5.125%,
      2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>160,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>163,758</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Summit
      County, OH, Port Authority Building (Workforce Policy Board), "F",
    </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>4.875%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>915,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>922,677</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Toledo Lucas
      County, OH, Port Authority Development Rev. (Northwest Ohio
      Bond</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Fund), "C", 5.125%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>90,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>90,716</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>7,462,913</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Multi-Family Housing Revenue &#150; 5.0%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Bay County,
      FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place
      II</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Apartments), FSA, 5%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>210,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>212,129</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Bay County,
      FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place
      II</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Apartments), FSA, 5.1%, 2046</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>390,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>393,935</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Bexar County
      TX, Multi-Family Housing Rev. (American Opportunity Housing),
      "A",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >MBIA, 5.7%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,308,713</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Charter Mac
      Equity Issuer Trust, 7.1%, 2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,079,940</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Charter Mac
      Equity Issuer Trust, 6%, 2019 (a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,133,780</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Eaglebend,
      CO, Affordable Housing Corp., Multi-Family Rev. (Housing Project),
      "A",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.4%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,003,870</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Florida
      Multi-Family Housing Finance Agency Rev. (Center Court
      Apartments),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>8.5%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>830,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>835,984</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>GMAC
      Municipal Mortgage Trust, "B-1", 5.6%, 2039 (a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,026,960</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>GMAC
      Municipal Mortgage Trust, "C-1", 5.7%, 2040 (a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>501,730</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2
     >Indianapolis, IN, Multi-Family Rev. (Cambridge Station
      Apartments II), FNMA, </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.25%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2039</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>465,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>473,612</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Metropolitan
      Government of Nashville &amp; Davidson County, TN, Health &amp;
      Educational &amp;</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%,
      2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>525,010</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Munimae, TE,
      Bond Subsidiary LLC, 6.875%, 2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,146,480</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Munimae, TE,
      Bond Subsidiary LLC, 5.4%, 2049 (a)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,008,180</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>North
      Charleston, SC, Housing Authority Rev. (Horizon Village), "A",
      GNMA,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.15%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2048</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>445,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>439,705</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>San
      Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,056,380</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Seattle, WA,
      Housing Authority Rev., Capped Fund Program (High Rise Rehab),
      "I",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >FSA, 5%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>670,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>674,060</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>15,820,468</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Sales &amp; Excise Tax Revenue &#150; 0.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Desloge, MO,
      Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.2%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>525,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>526,696</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Single Family Housing - Local &#150; 2.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Cook County,
      IL, Single Family Mortgage Rev., "A", 0%, 2015</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>55,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>12,178</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Corpus
      Christi, TX, Housing Finance Authority Rev., "B", 0%, 2011</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,580,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,517,711</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Dallas, TX,
      Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%,
      2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,880,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>963,418</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Jefferson
      Parish, LA, Single Family Mortgage Rev., GNMA, 6.625%, 2023</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>285,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>294,570</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Jefferson
      Parish, LA, Single Family Mortgage Rev., GNMA, 6.75%, 2030</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>425,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>443,942</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Jefferson
      Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>735,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>768,178</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Sedgwick
      &amp; Shawnee Counties, KS, Single Family Housing Rev., "A",
      FNMA,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.55%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2037</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,070,150</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Sedgwick
      &amp; Shawnee Counties, KS, Single Family Housing Rev., "A",
      GNMA,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>6.45%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>450,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>464,679</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Sedgwick
      &amp; Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA,
    </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.65%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2037</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>795,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>850,920</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Sedgwick
      &amp; Shawnee Counties, KS, Single Family Housing Rev., "A-1",
      GNMA,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.75%, 2037</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>280,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>300,877</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>9</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_11></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2

     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Single Family Housing - Local &#150;
      continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Sedgwick &amp; Shawnee Counties, KS, Single Family Housing
      Rev., "A-5", GNMA,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; <FONT face="Arial Narrow"
      size=2>5.9%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2037</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >205,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >223,833</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >6,910,456</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Single Family Housing - State &#150;
      2.8%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Housing &amp; Finance Authority Rev., "A-2", 7.15%,
      2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >8,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >8,025</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Housing &amp; Finance Authority Rev., "A-2", AMBAC,
      6.6%, 2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >440,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >457,010</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Housing &amp; Finance Authority Rev., "C-2", 5.9%,
      2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >200,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >208,560</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Housing &amp; Finance Authority Rev., "C-2", FHA,
      6.6%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >200,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >207,578</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Housing &amp; Finance Authority Rev., "C-3", FHA,
      6.375%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >90,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >92,525</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Colorado Housing &amp; Finance Authority Rev., "D-2", 6.9%,
      2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >480,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >498,917</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Georgia Housing &amp; Finance Authority Rev., 5.65%,
      2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,490,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,553,097</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Louisiana Housing Finance Agency, Single Family Mortgage
      Rev., GNMA, 6.4%, 2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >210,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >216,124</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Minnesota Housing Finance Agency Rev., Residential Housing
      Finance, "B",&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>4.8%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >225,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >226,897</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Missouri State Housing Development Commission, Single Family
      Mortgage Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(Home Loan Program), GNMA, 6.35%,
      2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >340,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >351,057</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Missouri State Housing Development Commission, Single Family
      Mortgage Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(Home Loan Program), GNMA, 6.85%,
      2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >180,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >187,238</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Nebraska Investment Finance Authority Single Family Mortgage
      Rev., 0%, 2015</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,900,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,448,913</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Nebraska Investment Finance Authority, "C", GNMA, 6.25%,
      2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >605,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >619,980</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >New Hampshire Housing Finance Authority Rev., "B", 5.875%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >110,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >111,177</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Texas Affordable Housing Corp., Single Family Mortgage Rev.,
      "B", 5.25%, 2039</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >745,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >777,527</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >8,964,625</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Solid Waste Revenue &#150; 1.7%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Delaware County, PA, Industrial Development Authority Rev.,
      Resource Recovery</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Facilities, (American Ref-fuel), "A",
      6.5%, 2008</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,600,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,674,016</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Massachusetts Development Finance Agency Rev. (Ogden
      Haverhill Associates),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6.7%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >725,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >768,464</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Massachusetts Industrial Finance Agency, Resource Recovery
      Rev. (Ogden Haverhill</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Associates), 5.6%, 2019</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,850,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,876,477</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,318,957</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >State &amp; Local Agencies &#150;
      2.6%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Chicago, IL, Public Building Commission, Building Rev.,
      RITES, FGIC, </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>9.096%,
      2016</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >(r)(v)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,300,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,597,726</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Chicago, IL, Public Building Commission, Building Rev.,
      RITES, FGIC, </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>9.096%,
      2017</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >(r)(v)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,050,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,301,643</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >College Park, GA, Industrial Development Authority Rev.
      (Civic Center), AMBAC,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >5.75%, 2010 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,113,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Golden State, CA, Tobacco Securitization Corp., Tobacco
      Settlement Rev., Enhanced,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >"B", 5.375%, 2010 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,155,120</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >King George County, VA, Industrial Development Authority
      Lease Rev.,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>FSA,
      5%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2036</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,300,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,344,460</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development Authority Rev., School
      Facilities Construction,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >"O", 5.25%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >640,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >680,326</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >8,192,525</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Student Loan Revenue &#150; 0.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Access to Loans for Learning, California Student Loan Rev.,
      7.95%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >650,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >686,173</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Tax - Other &#150; 1.8%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Black Hawk, CO, Device Tax Rev., 5.625%, 2017</FONT>&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,448</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Dade County, FL, Special Obligations Rev., Capital
      Appreciation Bond, "B", AMBAC,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >0%, 2008 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >15,080,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >3,081,146</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development Authority Rev. Cigarette Tax,
      5.5%, 2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >340,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >355,705</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development Authority Rev. Cigarette Tax,
      5.75%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >615,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >652,755</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >10</FONT>&nbsp; </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_12></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2

     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp;
    </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Tax - Other &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development Authority Rev. Cigarette Tax,
      5.5%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >270,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >281,032</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development Authority Rev. Cigarette Tax,
      5.75%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >410,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >433,723</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Virgin Islands Public Finance Authority Rev., 6%,
      2006</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >253,740</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Virgin Islands Public Finance Authority Rev., "E", 5.875%,
      2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >529,605</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,838,154</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Tax Assessment &#150; 5.0%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Allegheny County, PA, Redevelopment Authority Rev.
      (Pittsburgh Mills), 5.1%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >235,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >242,687</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Allegheny County, PA, Redevelopment Authority Rev.
      (Pittsburgh Mills), 5.6%, 2023</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >150,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >157,601</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Arborwood Community Development District, Florida Capital
      Improvement Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(Master Infrastructure Projects), "A",
      5.35%, 2036</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >630,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >629,326</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Arborwood Community Development District, Florida Capital
      Improvement Rev.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(Master Infrastructure Projects), "B",
      5.1%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >249,355</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Atlanta, GA, Tax Allocation (Eastside Project), "B", 5.6%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >815,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >824,218</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Capital Region Community Development District, FL, Capital
      Improvement Rev., "B",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >5.95%, 2006</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >65,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >65,372</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%,
      2007</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >425,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >425,332</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Concorde Estates Community Development District, FL, Capital
      Improvement Rev.,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >"B", 5%, 2011</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >770,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >773,273</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Fishhawk Community Development District, FL, 5.125%,
      2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >915,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >917,955</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Katy, TX, Development Authority Rev., 5.8%, 2011</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >825,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >849,263</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Katy, TX, Development Authority Rev., "B", 6%,
      2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >925,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >953,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Killarney, FL, Community Development District, "B", 5.125%,
      2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >465,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >466,079</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Lakes by the Bay South Community Development District, FL,
      Special Assessment,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >"B", 5.3%, 2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,025,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,028,547</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Markham, IL, Tax Increment Rev., 9%, 2012</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >935,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >944,228</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Middle Village Community Development District, FL, Special
      Assessment,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>"B",
      5%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >585,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >587,510</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >North Springs Improvement District, FL, Special Assessment
      Rev. (Parkland Golf</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Country Club), "B-1", 5.125%,
      2015</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >350,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >349,993</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >North Springs Improvement District, FL, Special Assessment
      Rev. (Parkland Golf</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Country Club), "B-2", 5.125%,
      2015</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >165,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >165,104</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Old Palm Community Development District, FL, Special
      Assessment (Palm Beach</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Gardens), "A", 5.9%, 2035</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >255,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >260,840</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Old Palm Community Development District, FL, Special
      Assessment (Palm Beach</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Gardens), "B", 5.375%,
      2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >370,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >375,376</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Panther Trace, FL, Community Development District Rev., 5.4%,
      2008</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >25,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >24,941</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Panther Trace, FL, Community Development District Rev., "B",
      5%, 2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >790,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >789,684</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Parkway Center, FL, Community Development District Rev., "B",
      5.625%, 2014</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,260,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,285,402</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Paseo, FL, Community Development District, "B", 4.875%,
      2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >505,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >500,743</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Preserve at Wilderness Lake, FL, Community Development
      District, Capital</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Improvement, "B", 5%, 2009</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >300,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >298,116</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Prince George's County, MD, Special Obligations (National
      Harbor Project),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.2%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >245,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >245,826</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Reunion East Community Development District, FL, Special
      Assessment, 5.9%, 2007</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >115,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >115,820</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Sterling Hill Community Development District, FL, Capital
      Improvement Rev.,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.5%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >470,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >474,254</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Tuscany Reserve Community Development District, FL, "B",
      5.25%, 2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >510,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >516,191</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Villasol Community Development District, FL, Special
      Assessment Rev.,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>"B",
      5.375%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2008</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >375,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >376,639</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Watergrass Community Development District, FL, Special
      Assessment Rev., "B",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >4.875%, 2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >935,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >934,402</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >15,827,327</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Tobacco &#150; 6.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Badger, WI, Tobacco Asset Securitization Corp., 6.125%,
      2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,065,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,298,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >11</FONT>&nbsp; </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_13></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2

     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Tobacco &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >California Statewide Financing Authority, Tobacco Settlement,
      5.625%, 2029</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,775,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,840,178</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico,
      "A", 0%, 2050</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >250,920</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Children's Trust Fund, Tobacco Settlement Rev., Puerto Rico,
      "B", 0%, 2055</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >133,760</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >District of Columbia, Tobacco Settlement, 6.25%,
      2024</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,210,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,281,390</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Golden State, CA, Tobacco Securitization Corp., Tobacco
      Settlement, 7.8%, 2042</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,193,060</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Golden State, CA, Tobacco Securitization Corp., Tobacco
      Settlement, "A", 5%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >720,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >726,235</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Golden State, CA, Tobacco Securitization Corp., Tobacco
      Settlement,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>"A-1",
      6.25%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >785,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >856,616</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Golden State, CA, Tobacco Securitization Corp., Tobacco
      Settlement, </FONT></TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>"A-1",
      6.625%,</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2040</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >125,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >139,276</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Iowa Tobacco Settlement Authority, Tobacco Settlement Rev.,
      Asset Backed, "B",</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >5.3%, 2011 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,147,220</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Iowa Tobacco Settlement Authority, Tobacco Settlement Rev.,
      Asset Backed, "B", 0%</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >to 2007, 5.6% to 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,635,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,496,908</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Louisiana Tobacco Settlement Authority, 5.5%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,435,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,494,926</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Tobacco Settlement Authority, 5.75%,
      2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >950,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >982,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Rockland Tobacco Asset Securitization Corp., NY, Tobacco
      Asset Backed,&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>"C",
      0%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2060</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >11,045,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >189,201</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >South Carolina Tobacco Settlement Authority, 6.375%,
      2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,069,510</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >South Carolina Tobacco Settlement Authority, "B", 6%,
      2022</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,260,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,325,533</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Washington Tobacco Settlement Authority, 6.5%,
      2026</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >155,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >169,110</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >19,594,906</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Toll Roads &#150; 1.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >E-470 Public Highway Authority, Colorado Rev., Capital
      Appreciation, "B",&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>MBIA,
      0%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,115,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,408,112</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC,
      6.703%, 2015 (r)(v)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,769,130</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Pocahontas Parkway Assn., VA, Toll Road Rev., 0%,
      2011</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >702,870</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >3,880,112</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Transportation - Special Tax &#150;
      2.8%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Missouri Highways &amp; Transportation Commission, State Road
      Rev., "A", 5.625%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,859,775</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola
      Transit Co.), ETM,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >11.5%, 2012 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,900,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,032,943</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >8,892,718</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Universities - Colleges &#150; 3.9%</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >California Educational Facilities Authority Rev. (L.A.
      College of Chiropractic),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.6%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >750,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >732,593</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Houston, TX, Community College Systems, MBIA, 7.875%,
      2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >3,050,575</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Illinois Educational Facilities Authority Rev. (Augustana
      College), "A", 5.625%, 2022</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >400,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >425,864</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Islip, NY, Community Development Agency Rev. (New York
      Institute of Technology),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >7.5%, 2006 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,558,325</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Louisiana State University (Health Sciences Center Project),
      MBIA, 6.375%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,769,200</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >Savannah, GA, Economic Development Authority Rev. (College of
      Art &amp; Design, Inc.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >6.5%, 2009 (c)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >625,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >693,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >University of Arkansas, University Rev. (UAMS Campus), "B",
      MBIA, 5%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >300,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >310,725</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >University of Colorado Enterprise Systems Rev., Refunding
      &amp; Improvement, FGIC,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >5%, 2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >635,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >665,836</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >West Virginia, Higher Education Facilities Rev., "B", FGIC,
      5%, 2034</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,270,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,311,148</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >12,517,516</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT face="Arial Narrow" size=2
     >Universities - Secondary Schools &#150;
      1.4%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >California Statewide Communities, Development Authority Rev.
      (Escondido Charter</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >High School), 7.5%, 2023</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >570,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
     >$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >580,357</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT face="Arial Narrow" size=2
     >California Statewide Communities, Development Authority Rev.
      (Escondido Charter</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >High School), 7.5%, 2036</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,019,910</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;
</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >12</FONT>&nbsp; </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_14></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>MFS Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT
      face="Arial Narrow" size=2>PORTFOLIO OF INVESTMENTS
      (Unaudited) 01/31/2006 - continued</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Shares/Par</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Value ($)</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Universities - Secondary Schools &#150; continued</FONT></B>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Maryland
      Industrial Development Financing Authority, Economic
      Development</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Authority Rev., (Our Lady of Good Council), "A", 6%,
      2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>150,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>155,429</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Michigan
      Municipal Bond Authority Rev. (Detroit Academy of Arts &amp;
      Sciences),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>8%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,070,620</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Michigan
      Municipal Bond Authority Rev. (YMCA Service Learning
      Academy),&nbsp;</FONT> </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"

     >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>7.625%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,066,650</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pima County,
      AZ, Industrial Development Authority Education Rev. (Arizona
      Charter</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Schools), "C", 6.75%, 2031</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>522,870</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>4,415,836</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Utilities - Cogeneration &#150; 2.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Alaska
      Industrial Development Export Authority, Power Rev., Upper Lynn
      Canal</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Regional Power, 5.8%, 2018</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>830,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>808,379</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Carbon
      County, PA, Industrial Development Authority Rev. (Panther Creek
      Partners),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >6.65%, 2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,370,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,500,824</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Klamath
      Falls, OR, Electric Rev. (Klamath Cogeneration), 6%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,260,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,834,284</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pennsylvania
      Economic Development Financing Authority Rev., Resources
      Recovery</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Rev. (Colver), "G", 5.125%, 2015 (r)</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>350,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>345,510</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pennsylvania
      Economic Development Financing Authority Rev., Resources
      Recovery</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Rev. (Northampton Generating), 6.4%, 2009</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>350,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>349,398</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pennsylvania
      Economic Development Financing Authority Rev., Resources
      Recovery</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Rev. (Northampton Generating), 6.5%, 2013</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>994,630</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>6,833,025</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><B><FONT
      face="Arial Narrow" size=2
     >Utilities - Investor Owned &#150; 9.7%</FONT></B>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Brazos River
      Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "A",
      5.375%,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >2019</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow"
      size=2>$</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>509,885</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Brazos River
      Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), "B",
      AMBAC,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >5.125%, 2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,079,980</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Brazos River
      Authority, TX, Pollution Control Rev. (Texas Utility Co.), "B", 6.3%,
      2032</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>315,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>336,631</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Brazos River
      Authority, TX, Pollution Control Rev. (Texas Utility Co.), "C", 6.75%,
      2038</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>715,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>785,842</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Calcasieu
      Parish, LA, Industrial Development Board, Pollution Control Rev.
      (Entergy</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Gulf States, Inc.), 5.45%, 2010</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,250,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,255,650</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Clark
      County, NV, Industrial Development Rev. (Southwest Gas Corp.), "A",
      AMBAC,</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >4.85%, 2035</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,055,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,046,729</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Connecticut
      Development Authority, Pollution Control Rev. (Connecticut Light &amp;
      Power</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Co.), 5.85%, 2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,115,340</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Connecticut
      Development Authority, Pollution Control Rev. (Connecticut Light &amp;
      Power</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >Co.), 5.95%, 2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,270,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,397,733</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Farmington,
      NM, Pollution Control Rev. (New Mexico Public Service), 5.8%,
      2022</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,105,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,129,671</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Farmington,
      NM, Pollution Control Rev. (New Mexico Public Service), "A", 6.3%,
      2016</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,195,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>2,294,829</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Forsyth, MT,
      Pollution Control Rev. (Portland General), 5.2%, 2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>230,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>238,292</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Matagorda
      County, TX (Centerpoint Energy), 5.6%, 2027</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,556,775</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Matagorda
      County, TX, Pollution Control Rev. (Reliant Energy), 5.95%,
      2030</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,655,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,698,990</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Mecklenburg
      County, VA, Industrial Development Authority Rev. (UAE
      Mecklenburg</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >LP), 6.5%, 2017</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>800,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>883,808</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>New
      Hampshire Business Finance Authority, Pollution Control Rev. (Public
      Service of</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >New Hampshire), 6%, 2021</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>1,043,140</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Ohio Air
      Quality Development Authority, Pollution Control Rev. (Cleveland
      Electric),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >"B", 6%, 2020</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,126,690</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pima County,
      AZ, Industrial Development Authority Rev. (Tucson Electric Power
      Co.),</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp;
      &nbsp;<FONT face="Arial Narrow" size=2
     >"A", 6.1%, 2025</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>650,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>650,124</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Pittsylvania
      County, VA, Industrial Development Authority Rev., 7.5%, 2014</FONT>&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,000,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>3,073,410</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Port Morrow,
      OR, Pollution Control Rev. (Portland General Electric), 5.2%,
      2033</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>550,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>571,901</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   ><FONT
      face="Arial Narrow" size=2>Trinity
      River Authority, TX, Pollution Control Rev. (TXU Electric Co.), 6.25%,
      2028</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>500,000</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>541,060</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="67%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="5%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="67%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="5%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="6%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="11%"
   ><FONT face="Arial Narrow"
      size=2>13</FONT>&nbsp;
</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_15></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="72%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Issuer</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2

   >Shares/Par</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2
     >Value
    ($)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Municipal Bonds &#150; continued</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Utilities - Investor Owned &#150;
      continued</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >West Feliciana Parish, LA, Pollution Control Rev. (Gulf
      States Utilities Co.),</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp; <FONT face="Arial Narrow"
      size=2>5.8%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2015</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,500,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,514,414</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >West Feliciana Parish, LA, Pollution Control Rev. (Gulf
      States Utilities Co.),&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow"
      size=2>5.8%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2016</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,000,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,001,780</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >30,852,674</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Utilities - Municipal Owned &#150;
    3.1%</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >California Department of Water Resources Power Supply Rev.,
      "A", 5.75%, 2012 (c)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,250,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,412,013</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >North Carolina Eastern Municipal Power Agency, Power Systems
      Rev.,&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>"B',
      5.55%,</FONT>&nbsp;<FONT face="Arial Narrow" size=2
     >2014</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,150,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,271,024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >North Carolina Municipal Power Agency (Catawba Electric
      Rev.), "B", 6.5%, 2020</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,000,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >2,208,640</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >San Antonio, TX, Electric &amp; Gas, "A", 5%,
    2025</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >495,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >519,111</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Seattle, WA, Municipal Light &amp; Power Rev., 5.625%,
      2017</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >3,000,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >3,226,920</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Southern California Public Power Authority (Transmission
      Project Rev.), RIBS,</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >8.167%, 2012 (v)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >100,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >100,308</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >9,738,016</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Water &amp; Sewer Utility Revenue &#150;
      2.9%</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Everett, WA, Water &amp; Sewer Rev., MBIA, 5%,
    2027</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >280,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >293,272</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Louisville &amp; Jefferson, KY, District Sewer &amp; Drain
      System, "A", FGIC, 5.25%, 2037</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >865,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >926,527</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Mississippi Development Bank Special Obligations, Grenada,
      MS, Water &amp; Sewer</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Systems Project, "N", FSA, 5%,
      2030</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >710,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >737,349</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >New York City, NY, Municipal Water &amp; Sewer Finance
      Authority Rev., 5.5%, 2010 (c)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,000,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,469,950</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >New York City, NY, Municipal Water &amp; Sewer Finance
      Authority, Water &amp; Sewer</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Systems Rev., "D", 5%,
    2038</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >760,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >784,046</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Upland, CA, Public Financing Authority Rev., Water Systems
      Improvement, AMBAC,</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >5%, 2033</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >850,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >875,568</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >9,086,712</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Total Municipal Bonds</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >446,767,187</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Floating Rate Demand Notes &#150;
    1.5%</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Allegheny County, PA, Hospital Development Authority Rev.
      (Presbyterian University</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Hospital), "C", 3.05%, due
      2/02/06</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >100,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >100,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Atlanta, GA, Water &amp; Wastewater Rev., "C", 3.07%, due
      2/01/06</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,100,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,100,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Jefferson County, AL, Sewer Rev., Capital Improvement
      Warrants, "A",</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; <FONT face="Arial Narrow" size=2>3.02%,
      due</FONT>&nbsp;&nbsp;<FONT face="Arial Narrow" size=2
     >2/02/06</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,700,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,700,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Missouri Health &amp; Educational Facilities Authority Rev.,
      Medical Research Facilities</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(Stowers Institute), 3.02%, due
      2/02/06</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >200,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >200,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >New Castle, PA, Area Hospital Authority (Jameson Memorial
      Hospital),</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   >&nbsp;&nbsp;&nbsp;<FONT face="Arial Narrow" size=2>3.1%,
      due</FONT>&nbsp; <FONT face="Arial Narrow" size=2
     >2/01/06</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >125,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >125,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Sublette County, WY, Pollution Control Rev. (Exxon Mobil
      Corp.), 3%, due 2/01/06</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,500,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >1,500,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noshade size=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Total Floating Rate Demand Notes</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >4,725,000</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Total Investments</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >451,492,187</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Other Assets, Less Liabilities</FONT></B> <FONT
      face="Arial Narrow" size=2>&#150;</FONT>
      <B><FONT face="Arial Narrow" size=2
     >1.8%</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >5,765,420</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><B><FONT face="Arial Narrow" size=2
     >Preferred Shares (Issued by the Trust) &#150;
      (44.1)%</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >(140,069,616)</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="66%"
   ><FONT face="Arial Narrow" size=2
     >Net Assets applicable to common shares &#150;
    100.0%</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"><FONT
      face="Arial Narrow" size=2
     >317,187,991</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="66%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%">
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow" size=2
     >(q)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="93%">&nbsp;
      <FONT face="Arial Narrow" size=2
     >Interest received was less than stated coupon
    rate.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow" size=2
     >(a)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="93%">&nbsp;
      <FONT face="Arial Narrow" size=2>SEC
      Rule 144A restriction.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow" size=2
     >(d)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="93%">&nbsp;
      <FONT face="Arial Narrow" size=2
     >Non-income producing security - in
default.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow" size=2
     >(c)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="93%">&nbsp;
      <FONT face="Arial Narrow" size=2
     >Refunded bond.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=right width="6%"
   ><FONT face="Arial Narrow" size=2
     >(v)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="93%">&nbsp;
      <FONT face="Arial Narrow" size=2
     >Inverse floating rate security.</FONT>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="93%" background=""
   ><FONT face="Arial Narrow"><FONT
  size=2>14</FONT></FONT></TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_16></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="99%" colSpan=2
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="99%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="4%"
   >&nbsp; &nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >(r)</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="95%"><FONT
      face="Arial Narrow" size=2>Restricted
      securities (excluding 144A issues) are not registered under the Securities
      Act of 1933 and are subject to legal or</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="95%"><FONT
      face="Arial Narrow" size=2>contractual
      restrictions on resale. These securities generally may be resold in
      transactions exempt from registration or to the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="95%"><FONT
      face="Arial Narrow" size=2>public if
      the securities are registered. Disposal of these securities may involve
      time-consuming negotiations and prompt sale</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="95%"><FONT
      face="Arial Narrow" size=2>at an
      acceptable price may be difficult. The trust holds the following
      restricted securities:</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width=700 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><B><FONT
      face="Arial Narrow" size=2
     >Acquisition</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
     ><B><FONT face="Arial Narrow" size=2

   >Acquisition</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
     ><B><FONT face="Arial Narrow" size=2

>Current</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
     ><B><FONT face="Arial Narrow" size=2
     >Total
  %</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap align=left
    width="40%"><B><FONT face="Arial Narrow"
      size=2>Restricted
      Securities</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><B><FONT face="Arial Narrow"
      size=2
   >Date</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><B><FONT face="Arial Narrow"
      size=2
   >Cost</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="3%" background="">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><B><FONT face="Arial Narrow"
      size=2>Market
      Value</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="11%"><B><FONT face="Arial Narrow"
      size=2>of Net
      Assets</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Arizona Health Facilities Authority</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Rev. (The Terraces Project), 7.75%, 2033</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >10/17/2003</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >736,845</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%"><FONT
      face="Arial Narrow" size=2
   >$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >827,513</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Bridgeport, CT, Senior Living Facility</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Rev. (3030 Park Retirement</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Community), 7.25%, 2035</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >3/24/2005</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,020,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >870,335</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Chicago, IL, O'Hare International</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Airport Rev., RITES, FSA, 7.634%, 2022</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >8/21/2003</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,599,510</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,788,990</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Chicago, IL, Public Building</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Commission, Building Rev., RITES,</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >FGIC, 9.096%, 2016</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >3/11/1999</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,403,610</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,597,726</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Chicago, IL, Public Building</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Commission, Building Rev., RITES,</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >FGIC, 9.096%, 2017</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >3/11/1999</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,123,542</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,301,643</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Contra Costa County, CA, Residential</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Rental Facilities Rev. (Cypress</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Meadows), 7%, 2028</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >9/21/1998</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >217,707</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >65,312</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Gallery Certificate Trust, PA, Parking</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Rev., FSA, 4.5%, 2013</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >12/17/2003</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >785,687</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >783,116</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Madison County, FL, Rev. (Twin</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Oaks Project) "A", 6%, 2025</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >7/13/2005</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >555,310</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >555,909</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Authority, Economic Development</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Rev. (Holt Hauling &amp; Warehousing),<FONT
      face="Times New Roman" size=3>&nbsp;</FONT>8.4%, 2015</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1/30/1997</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,049,280</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >910,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >New Jersey Economic Development</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Authority, Economic Development</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Rev. (Holt Hauling &amp; Warehousing),<FONT
      face="Times New Roman" size=3>&nbsp;</FONT>8.6%, 2017</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1/30/1997</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,051,940</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >910,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Niagara Falls, NY, Bridge</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Commission, Toll Rev., RITES, FGIC,</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >6.703%, 2015</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >5/21/1999</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,609,680</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
     >1,769,130</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Pennsylvania Economic Development</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Financing Authority Rev., Resources</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="11%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap align=left
    width="40%"><FONT face="Arial Narrow"
      size=2>Recovery Rev. (Colver) "G",
      5.125%,<FONT face="Times New Roman"
    size=3>&nbsp;</FONT>2015</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow"
      size=2>7/15/2005</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow" size=2
     >350,000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="3%" background="">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow" size=2
     >345,510</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="11%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="40%"
   ><FONT face="Arial Narrow" size=2
     >Total Restricted Securities</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="1%"><FONT face="Book Antiqua"><FONT
      size=2>$</FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow" size=2
     >11,725,184</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="11%"><FONT face="Arial Narrow" size=2

>3.7%</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="80%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >The following abbreviations are used in the Portfolio of
      Investments and are defined:</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><FONT face="Arial Narrow" size=2
     >BMA</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="71%"><FONT
      face="Arial Narrow" size=2>Bond Market
      Assn.</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><FONT face="Arial Narrow" size=2
     >COP</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="71%"><FONT
      face="Arial Narrow" size=2>Certificate
      of Participation</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><FONT face="Arial Narrow" size=2
     >ETM</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="71%"><FONT
      face="Arial Narrow" size=2>Escrowed to
      Maturity</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><FONT face="Arial Narrow" size=2
     ><BR>Insurers</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="71%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR>
    <TD width="9%">
      <HR noShade SIZE=1>
    </TD>
    <TD align=left width="71%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="19%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><FONT face="Arial Narrow" size=2
     >AMBAC</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="71%"><FONT
      face="Arial Narrow" size=2>AMBAC
      Indemnity Corp.</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   ><FONT face="Arial Narrow" size=2
     >FGIC</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="71%"><FONT
      face="Arial Narrow" size=2>Financial
      Guaranty Insurance Co.</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="9%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="71%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="19%"><FONT
      face="Arial Narrow" size=2
   >15</FONT>&nbsp;</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_17></A>
<TABLE cellSpacing=1 cellPadding=0 width=700 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="99%" colSpan=2
   ><FONT face="Arial Narrow" size=2>MFS
      Municipal Income Trust</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="99%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     >PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2006 -
      continued</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >FHA</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Federal
      Housing Administration</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >FNMA</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Federal
      National Mortgage Assn.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >FSA</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Financial
      Security Assurance, Inc.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >GNMA</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Government
      National Mortgage Assn.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >MBIA</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>MBIA
      Insurance Corp.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >PSF</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Permanent
      School Fund</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >Inverse Floaters</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%">&nbsp;
  </TD></TR>
  <TR>
    <TD width="12%">
      <HR noShade SIZE=1>
    </TD>
    <TD align=left width="87%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >INFLOS</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Inverse
      Floating Security</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >RIBS</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Residual
      Interest Bonds</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >RITES</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="87%"><FONT
      face="Arial Narrow" size=2>Residual
      Interest Tax-Exempt Security</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="99%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     ><BR>See attached schedules. For more information see notes to
      financial statements as disclosed in the most recent semiannual or
      annual</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   ><FONT face="Arial Narrow" size=2
     >report.</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="87%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="87%"><FONT
      face="Arial Narrow" size=2
     >16</FONT>&nbsp; </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_18></A>
<P align=left><B><FONT face=serif size=2>MFS Municipal Income
Trust</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Supplemental Schedules (Unaudited)
01/31/2006</FONT></B></P>
<P align=left><B><FONT face=serif size=2>(1) Portfolio Securities</FONT></B></P>
<P align=left><FONT face=serif size=2>The cost and unrealized appreciation and
depreciation in the value of the investments owned by the trust, as computed
<BR>on a federal income tax basis, are as follows:</FONT></P>
<TABLE style="WIDTH: 496px; HEIGHT: 123px" cellSpacing=0 cellPadding=0 width=496
border=0  >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="84%"
   ><FONT face="Arial Narrow" size=2
     >Aggregate Cost</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="1%"><FONT face="Arial Narrow" size=2
     >$</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow" size=2
     >424,458,063</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="84%"
   ><FONT face="Arial Narrow" size=2
     >Gross unrealized appreciation</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%"><FONT
      face="Arial Narrow" size=2>$</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"><FONT
      face="Arial Narrow" size=2
   >28,733,875</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="84%"
   ><FONT face="Arial Narrow" size=2
     >Gross unrealized depreciation</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow" size=2
     >(1,699,751)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="84%"
   >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="Arial Narrow" size=2
     >Net unrealized appreciation
      (depreciation)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="1%"><FONT face="Arial Narrow" size=2
     >$</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="14%"><FONT face="Arial Narrow" size=2
     >27,034,124</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="84%"
   ><FONT face="Arial Narrow" size=2
     ><BR>Aggregate cost includes prior fiscal year end tax
      adjustments.</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="14%"
 >&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>(2) Financial
Instruments</FONT></B></P>
<P align=left><B><FONT face=serif size=1><FONT size=2>Swap Agreements: Interest
Rate Swaps</FONT></FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width=700 border=0
 >

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="8%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="18%"
     ><B><FONT face="Arial Narrow" size=2
     >Notional Principal</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="17%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="17%"
     ><B><FONT face="Arial Narrow" size=2
     >Unrealized</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="8%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="18%"
     ><B><FONT face="Arial Narrow" size=2
     >Amount of</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="17%"
     ><B><FONT face="Arial Narrow" size=2
     >Cash Flows Paid</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%"
     ><B><FONT face="Arial Narrow" size=2
     >Cash Flows</FONT></B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="17%"
     ><B><FONT face="Arial Narrow" size=2
     >Appreciation</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap align=left
    width="8%"><B><FONT face="Arial Narrow"
      size=2
   >Expiration</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="12%"><B><FONT face="Arial Narrow"
      size=2>Currency&nbsp;&nbsp;
      </FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=center width="18%"><B><FONT face="Arial Narrow"
      size=2
   >Contract</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=center width="17%"><B><FONT face="Arial Narrow"
      size=2>by the
    Fund</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=center width="20%"><B><FONT face="Arial Narrow"
      size=2>Received by the
      Fund</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="6%" background="">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=center width="17%"><B><FONT face="Arial Narrow"
      size=2
     >(Depreciation)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="8%"
   ><FONT face="Arial Narrow" size=2
     >08/29/2016</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><FONT
      face="Arial Narrow" size=2>USD&nbsp;&nbsp;
      </FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="18%"><FONT
      face="Arial Narrow" size=2
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      $45,000,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"><FONT
      face="Arial Narrow" size=2>Fixed - 10 Year
      BMA</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="20%"><FONT
      face="Arial Narrow" size=2>Floating - 7 Day
      BMA</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%"><FONT
      face="Arial Narrow" size=2>$</FONT></TD>
    <TD vAlign=bottom noWrap align=right width="17%"><FONT
      face="Arial Narrow" size=2
   >(301,882)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="18%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="17%"><FONT face="Arial Narrow"
      size=2>Swap Index (3.927%)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="20%"><FONT face="Arial Narrow"
      size=2>Swap Index</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="6%" background="">&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="17%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="8%"
   ><FONT face="Arial Narrow" size=2
     >05/16/2018</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"><FONT
      face="Arial Narrow" size=2>USD&nbsp;&nbsp;
      </FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left width="18%"><FONT
      face="Arial Narrow" size=2
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000,000</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"><FONT
      face="Arial Narrow" size=2>Fixed - 12 Year
      BMA</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="20%"><FONT
      face="Arial Narrow" size=2>Floating - 7 Day
      BMA</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   >&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"><FONT
      face="Arial Narrow" size=2
   >201,962</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap align=left
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="18%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="17%"><FONT face="Arial Narrow"
      size=2>Swap Index (3.797%)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="20%"><FONT face="Arial Narrow"
      size=2>Swap Index</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="6%" background="">&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" vAlign=bottom noWrap
    align=right width="17%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="8%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="18%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="20%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="1%"><FONT face="Arial Narrow" size=2
     >$</FONT></TD>
    <TD style="BORDER-BOTTOM: #400040 2pt double" vAlign=bottom noWrap
    align=right width="17%"><FONT face="Arial Narrow" size=2
     >(99,920)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="75%" colSpan=5
   ><FONT face="Arial Narrow" size=2
     ><BR>At January 31, 2006, the fund had sufficient cash and/or
      securities to cover any commitments under all derivative
    contracts.</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="20%" colSpan=2
   ><FONT face="Arial Narrow" size=2
     ><BR><BR><BR>MFS Investment Management&#174;</FONT>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="18%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="20%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="8%"
   >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="18%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="20%"
BASEALIGN="left">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="17%"><FONT
      face="Arial Narrow" size=2
   >17</FONT>&nbsp;</TD></TR></TABLE><BR>

</HR>

<P style="PAGE-BREAK-BEFORE: always"></P>

<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" background="" colSpan=2
   ><B><FONT face="Times New Roman"
     >ITEM 2.</FONT></B>&nbsp; <B><FONT face="Times New Roman"
     >CONTROLS AND
      PROCEDURES.<BR></FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   >(a)</TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">Based upon their evaluation of the
      registrant&#146;s disclosure controls and procedures (as</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">defined in Rule 30a-3(c) under the
      Investment Company Act of 1940 (the &#147;Act&#148;)) as</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">conducted within 90 days of the
      filing date of this Form N-Q, the registrant&#146;s principal</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">financial officer and principal
      executive officer have concluded that those disclosure</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">controls and procedures provide
      reasonable assurance that the material information</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">required to be disclosed by the
      registrant on this report is recorded, processed,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">summarized and reported within the
      time periods specified in the Securities and Exchange</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">Commission&#146;s rules and
      forms.<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   >(b)</TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">There were no changes in the
      registrant&#146;s internal controls over financial reporting (as</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">defined in Rule 30a-3(d) under the
      Act) that occurred during the registrant&#146;s last fiscal</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">quarter that have materially
      affected, or are reasonably likely to materially affect, the</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" background=""
   ></TD>
    <TD noWrap align=left width="93%"><FONT
      face="Times New Roman">registrant&#146;s internal control over
      financial reporting.<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" background="" colSpan=2
   ><B><FONT face="Times New Roman"
     >ITEM 3.</FONT></B>&nbsp; <B><FONT face="Times New Roman"
     >EXHIBITS.<BR></FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" background="" colSpan=2
   ><FONT face="Times New Roman">File as
      exhibits as part of this Form a separate certification for each principal
      executive officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" background="" colSpan=2
   ><FONT face="Times New Roman">and
      principal financial officer of the registrant as required by Rule 30a-2(a)
      under the Act (17</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" background="" colSpan=2
   ><FONT face="Times New Roman">CFR
      270.30a-2): Attached hereto.</FONT>&nbsp; </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=2><B><U><FONT
      face="Times New Roman"
     >Notice<BR></FONT></U></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">A copy of the
      Amended and Restated Declaration of Trust of the Registrant is on file
      with the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">Secretary of
      State of the Commonwealth of Massachusetts and notice is hereby given that
      this</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">instrument is
      executed on behalf of the Registrant by an officer of the Registrant as an
      officer</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">and not
      individually and the obligations of or arising out of this instrument are
      not binding</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">upon any of
      the Trustees or shareholders individually, but are binding only upon the
      assets and</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">property of
      the respective constituent series of the
Registrant.<BR></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=2><FONT
      face="Times New Roman">SIGNATURES<BR></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934 and the
      Investment</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">Company Act
      of 1940, the registrant has duly caused this report to be signed on its
      behalf by</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">the
      undersigned, thereunto duly authorized.<BR></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="99%"
    colSpan=2><FONT face="Times New Roman"
     >Registrant:</FONT> <FONT face="Times New Roman"
     >MFS MUNICIPAL INCOME
    TRUST&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT
      face="Times New Roman"><BR>By (Signature and
      Title)*</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="72%"
   ><FONT face="Times New Roman"
     >MARIA F. DWYER</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
BASEINDENT="0">&nbsp;</TD>
    <TD noWrap align=left width="72%"><FONT
      face="Times New Roman">Maria F. Dwyer,
    President</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT
      face="Times New Roman"><BR>Date:</FONT> <U><FONT
      face="Times New Roman">March 24,
      2006</FONT></U>&nbsp;</TD>
    <TD noWrap align=left width="72%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman"><BR>Pursuant
      to the requirements of the Securities Exchange Act of 1934 and the
      Investment</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">Company Act
      of 1940, this report has been signed below by the following persons on
      behalf</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman">of the
      registrant and in the capacities and on the dates
    indicated.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT
      face="Times New Roman"><BR>By (Signature and
      Title)*</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="72%"
   ><FONT face="Times New Roman"
     >MARIA F. DWYER</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
BASEINDENT="0">&nbsp;</TD>
    <TD noWrap align=left width="72%"><FONT
      face="Times New Roman">Maria F. Dwyer, President
      (Principal Executive Officer)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT
      face="Times New Roman"><BR>Date:</FONT> <U><FONT
      face="Times New Roman">March 24,
      2006</FONT></U>&nbsp;</TD>
    <TD noWrap align=left width="72%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT
      face="Times New Roman"><BR>By (Signature and
      Title)*</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="72%"
   ><FONT face="Times New Roman"
     >TRACY ATKINSON</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
BASEINDENT="0">&nbsp;</TD>
    <TD noWrap align=left width="72%"><FONT
      face="Times New Roman">Tracy Atkinson, Treasurer
      (Principal Financial Officer and</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
BASEINDENT="0">&nbsp;</TD>
    <TD noWrap align=left width="72%"><FONT
      face="Times New Roman">Accounting
  Officer)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT
      face="Times New Roman"><BR>Date:</FONT> <U><FONT
      face="Times New Roman">March 24,
      2006</FONT></U>&nbsp;</TD>
    <TD noWrap align=left width="72%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
     ><FONT face="Times New Roman"><BR>* Print
      name and title of each signing officer under his or her
    signature.</FONT>&nbsp;</TD></TR></TABLE><BR>

</HR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99_cert-64390.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD noWrap align=right width="99%" colSpan=3
     >&nbsp; &nbsp; <B><U><FONT face="Times New Roman"

     >EX-99.CERT</FONT></U></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=3
   >&nbsp; &nbsp; <B><FONT face="Times New Roman"
     >MFS MUNICIPAL INCOME TRUST</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=3
   >&nbsp;&nbsp;&nbsp; <BR><B><FONT face="Times New Roman"
     >CERTIFICATION</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
     ><FONT face="Times New Roman"><BR>I, Tracy
      Atkinson, certify that:<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face="Times New Roman"
     >1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="96%" colSpan=2
     ><FONT face="Times New Roman">I have
      reviewed this report on Form N-Q of MFS Municipal Income
      Trust;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">2.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=4
   ><FONT face="Times New Roman"
     >Based on my knowledge, this report does not contain any
      untrue statement of a</FONT>&nbsp; <FONT face="Times New Roman"
     >material fact or omit to<BR>&nbsp;state a material fact
      necessary to make the statements made, in</FONT>&nbsp; <FONT
      face="Times New Roman">light of the circumstances under
      which<BR>&nbsp;such statements were made, not misleading</FONT>&nbsp;<FONT
      face="Times New Roman">with respect to the period covered
      by this report;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">3.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=3
   ><FONT face="Times New Roman"
     >Based on my knowledge, the schedules of investments
      included in this report fairly</FONT>&nbsp;<FONT face="Times New Roman"
     >present in all material<BR>&nbsp;respects the investments
      of the registrant as of the end of the</FONT>&nbsp;<FONT
      face="Times New Roman">fiscal quarter for which the
      report is filed;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">4.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=5
   ><FONT face="Times New Roman"
     >The registrant&#146;s other certifying officer and I are
      responsible for establishing and</FONT>&nbsp;<FONT face="Times New Roman"
     >maintaining disclosure<BR>&nbsp;controls and procedures
      (as defined in Rule 30a-3(c) under the</FONT>&nbsp;<FONT
      face="Times New Roman">Investment Company Act of
      1940)<BR>&nbsp;and internal control over financial reporting
      (as</FONT>&nbsp;<FONT face="Times New Roman">defined in
      Rule 30a-3(d) under the Investment<BR>&nbsp;Company Act of 1940) for
      the</FONT>&nbsp;<FONT face="Times New Roman">registrant
      and have:<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"><FONT
      face="Times New Roman">a.</FONT></TD>
    <TD noWrap align=left width="95%" rowSpan=5
     ><FONT face="Times New Roman">designed such
      disclosure controls and procedures, or caused such
      disclosure</FONT>&nbsp;<FONT face="Times New Roman"
     >controls and procedures<BR>&nbsp;to be designed under our
      supervision, to ensure that</FONT>&nbsp;<FONT face="Times New Roman"
     >material information relating to the
      registrant,<BR>&nbsp;including its consolidated</FONT>&nbsp;<FONT
      face="Times New Roman">subsidiaries, is made known to us
      by others within those entities, particularly</FONT>&nbsp; <BR><FONT
      face="Times New Roman">during the period in which this
      report is being prepared;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"><FONT
      face="Times New Roman">b.</FONT></TD>
    <TD vAlign=top noWrap align=left width="95%" rowSpan=5
   ><FONT face="Times New Roman">designed such
      internal control over financial reporting, or caused such
      internal</FONT>&nbsp;<FONT face="Times New Roman">control
      over financial <BR>reporting to be designed under our supervision,
      to</FONT>&nbsp;<FONT face="Times New Roman">provide
      reasonable assurance regarding the <BR>reliability of financial reporting
      and</FONT>&nbsp; <FONT face="Times New Roman">the
      preparation of financial statements for external purposes <BR>in
      accordance with</FONT>&nbsp;<FONT face="Times New Roman"
     >generally accepted accounting
      principles;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"><FONT
      face="Times New Roman">c.</FONT></TD>
    <TD vAlign=top noWrap align=left width="95%" rowSpan=4
   ><FONT face="Times New Roman">evaluated the
      effectiveness of the registrant&#146;s disclosure controls and</FONT>&nbsp;
      <FONT face="Times New Roman">procedures and presented
      <BR>in this report our conclusions about the
      effectiveness</FONT>&nbsp;<FONT face="Times New Roman">of
      the disclosure controls and procedures, <BR>as of a date within 90 days
      prior to</FONT>&nbsp;<FONT face="Times New Roman">the
      filing date of this report, based on such evaluation; and<BR></FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"><FONT
      face="Times New Roman">d.</FONT></TD>
    <TD vAlign=top noWrap align=left width="95%" rowSpan=4
   ><FONT face="Times New Roman">disclosed in
      this report any change in the registrant&#146;s internal control over
      </FONT><FONT face="Times New Roman">financial reporting
      that<BR>&nbsp;occurred during the registrant&#146;s most recent
      fiscal</FONT>&nbsp;<FONT face="Times New Roman">quarter
      that has materially affected, or is<BR>&nbsp;reasonably likely to
      materially affect,</FONT>&nbsp;<FONT face="Times New Roman"
     >the registrant&#146;s internal control over financial
      reporting; and<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">5.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=3
   ><FONT face="Times New Roman"
     >The registrant&#146;s other certifying officer and I have
      disclosed to the registrant&#146;s auditors</FONT>&nbsp;<FONT
      face="Times New Roman">and the audit<BR>&nbsp;committee
      of the registrant&#146;s board of directors (or persons
      performing</FONT>&nbsp;<FONT face="Times New Roman">the
      equivalent functions):<BR></FONT>&nbsp;<BR></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"><FONT
      face="Times New Roman">a.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="95%" rowSpan=4
   ><FONT face="Times New Roman">all
      significant deficiencies and material weaknesses in the design
      or</FONT>&nbsp; <FONT face="Times New Roman">operation of
      internal <BR>control over financial reporting which are
      reasonably</FONT>&nbsp; <FONT face="Times New Roman"
     >likely to adversely affect the
      registrant&#146;s<BR>&nbsp;ability to record, process,</FONT>&nbsp;<FONT
      face="Times New Roman">summarize, and report financial
      information; and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;
  </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;
</TD>
    <TD noWrap align=left width="6%">&nbsp;
      &nbsp; &nbsp; &nbsp;<FONT face="Times New Roman"
     >b.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%" colSpan=2
     ><FONT face="Times New Roman">any fraud,
      whether</FONT>&nbsp;<FONT face="Times New Roman">or not
      material, that involves management or other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;
</TD>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="88%" colSpan=2
     ><FONT face="Times New Roman">employees
      who have a significant role in the registrant&#146;s internal control
      over</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;
</TD>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="18%"><FONT
      face="Times New Roman">financial reporting.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="70%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT
      face="Times New Roman"><BR>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%" colSpan=2
     ><U><FONT face="Times New Roman"
     >March 24, 2006</FONT></U>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="70%"
   ><FONT face="Times New Roman"
     >TRACY ATKINSON</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;
</TD>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="18%">&nbsp;
    </TD>
    <TD noWrap align=left width="70%"><FONT
      face="Times New Roman">Tracy Atkinson</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;
</TD>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="18%">&nbsp;
    </TD>
    <TD noWrap align=left width="70%"><FONT
      face="Times New Roman">Treasurer (Principal Financial
      Officer and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;
</TD>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="18%">&nbsp;
    </TD>
    <TD noWrap align=left width="70%"><FONT
      face="Times New Roman">Accounting Officer)</FONT>&nbsp;
    </TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_3></A>
<TABLE cellSpacing=0 cellPadding=0 width=700 border=0
 >

  <TR vAlign=bottom>
    <TD noWrap align=right width="99%" colSpan=3
     ><B><U><FONT face="Times New Roman"
     >EX-99.CERT</FONT></U></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=3
   ><B><FONT face="Times New Roman"
     >MFS MUNICIPAL INCOME TRUST</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=3
   ><B><FONT face="Times New Roman"
     ><BR>CERTIFICATION</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
     ><FONT face="Times New Roman"><BR>I,
      Maria F. Dwyer, certify that:<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face="Times New Roman"
     >1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="96%" colSpan=2
     ><FONT face="Times New Roman">I have
      reviewed this report on Form N-Q of MFS Municipal Income
      Trust;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">2.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=4
   ><FONT face="Times New Roman"
     >Based on my knowledge, this report does not contain any
      untrue statement of a</FONT>&nbsp;material fact or omit to state <BR><FONT
      face="Times New Roman">a material fact necessary to make
      the statements made, in</FONT>&nbsp;light of the circumstances
      under&nbsp;which such&nbsp; <BR><FONT face="Times New Roman"
     >statements were made, not misleading</FONT>&nbsp;with
      respect to the period covered by this report;&nbsp;<BR>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">3.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=3
   ><FONT face="Times New Roman"
     >Based on my knowledge, the schedules of investments
      included in this report fairly </FONT><FONT face="Times New Roman"
     >present in all material <BR>respects the investments of
      the registrant as of the end of the&nbsp;</FONT><FONT
      face="Times New Roman">fiscal quarter for which the
      report is filed;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">4.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=5
   ><FONT face="Times New Roman"
     >The registrant&#146;s other certifying officer and I are
      responsible for establishing and</FONT>&nbsp; <FONT face="Times New Roman"
     >maintaining disclosure<BR>controls and procedures (as
      defined in Rule 30a-3(c) under the</FONT>&nbsp;<FONT
      face="Times New Roman">Investment Company Act of 1940)
      and <BR>internal control over financial reporting (as</FONT>&nbsp;<FONT
      face="Times New Roman">defined in Rule 30a-3(d) under the
      Investment Company Act <BR>of 1940) for the</FONT>&nbsp; <FONT
      face="Times New Roman">registrant and
      have:<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"><FONT
      face="Times New Roman">a.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%" rowSpan=5
   ><FONT face="Times New Roman">designed
      such disclosure controls and procedures, or caused such
      disclosure</FONT><FONT face="Times New Roman">controls
      and procedures <BR>to be designed under our supervision, to ensure
      that</FONT>&nbsp;<FONT face="Times New Roman">material
      information relating to the registrant, <BR>including its
      consolidated</FONT>&nbsp; <FONT face="Times New Roman"
     >subsidiaries, is made known to us by others within those
      entities, particularly</FONT>&nbsp; <BR><FONT face="Times New Roman"
     >during the period in which this report is being
      prepared;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"><FONT
      face="Times New Roman">b.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%" rowSpan=5
   ><FONT face="Times New Roman">designed
      such internal control over financial reporting, or caused such internal
      </FONT><FONT face="Times New Roman">control over
      financial <BR>reporting to be designed under our supervision, to
      provide</FONT>&nbsp;<FONT face="Times New Roman"
     >reasonable assurance regarding the reliability<BR>of
      financial reporting and the</FONT>&nbsp; <FONT face="Times New Roman"
     >preparation of financial statements for external purposes
      in accordance with</FONT>&nbsp; <BR><FONT face="Times New Roman"
     >generally accepted accounting
      principles;<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"><FONT
      face="Times New Roman">c.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%" rowSpan=4
   ><FONT face="Times New Roman">evaluated
      the effectiveness of the registrant&#146;s disclosure controls and
      procedures</FONT>&nbsp;<FONT face="Times New Roman">and
      presented in this report<BR>our conclusions about the effectiveness of
      the</FONT>&nbsp;<FONT face="Times New Roman">disclosure
      controls and procedures, as of a date within 90 <BR>days prior to the
      filing</FONT>&nbsp; <FONT face="Times New Roman">date of
      this report, based on such evaluation; and<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"><FONT
      face="Times New Roman">d.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%" rowSpan=4
   ><FONT face="Times New Roman">disclosed
      in this report any change in the registrant&#146;s internal control
      over</FONT>&nbsp;<FONT face="Times New Roman">financial
      reporting that occurred<BR>during the registrant&#146;s most recent
      fiscal</FONT>&nbsp;<FONT face="Times New Roman">quarter
      that has materially affected, or is reasonably likely to <BR>materially
      affect,</FONT>&nbsp;<FONT face="Times New Roman">the
      registrant&#146;s internal control over financial reporting;
      and<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT
      face="Times New Roman">5.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%" colSpan=2 rowSpan=3
   ><FONT face="Times New Roman"
     >The registrant&#146;s other certifying officer and I have
      disclosed to the registrant&#146;s auditors</FONT>&nbsp;<FONT
      face="Times New Roman">and the audit committee<BR>of the
      registrant&#146;s board of directors (or persons performing</FONT>&nbsp;<FONT
      face="Times New Roman">the equivalent
      functions):<BR></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"><FONT
      face="Times New Roman">a.</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%" rowSpan=4
   ><FONT face="Times New Roman">all
      significant deficiencies and material weaknesses in the design
      or</FONT>&nbsp;<FONT face="Times New Roman">operation of
      internal control over <BR>financial reporting which are
      reasonably</FONT>&nbsp;<FONT face="Times New Roman"
     >likely to adversely affect the registrant&#146;s ability to
      record, process,</FONT>&nbsp; <BR><FONT face="Times New Roman"
     >summarize, and report financial information;
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp;
</TD>
    <TD noWrap align=left width="4%"
 >&nbsp;</TD></TR></TABLE><BR>

</HR>
<P style="PAGE-BREAK-BEFORE: always"></P><A name=page_4></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0
 >

  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="9%">&nbsp;
</TD>
    <TD noWrap align=left width="24%">&nbsp;
    </TD>
    <TD noWrap align=left width="60%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B><U><FONT face="Times New Roman"

     >EX-99.CERT</FONT></U></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="9%">&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="Times New Roman"
     >b.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="84%" colSpan=2
     ><FONT face="Times New Roman">any fraud,
      whether</FONT>&nbsp;<FONT face="Times New Roman">or not
      material, that involves management or other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="9%">&nbsp;
</TD>
    <TD noWrap align=left width="84%" colSpan=2
     ><FONT face="Times New Roman">employees
      who have a significant role in the registrant&#146;s internal control
      over</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp;
</TD>
    <TD noWrap align=left width="9%">&nbsp;
</TD>
    <TD noWrap align=left width="24%"><FONT
      face="Times New Roman">financial reporting.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="60%">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT
      face="Times New Roman"><BR>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%" colSpan=2
     ><U><FONT face="Times New Roman"
     >March 24, 2006</FONT></U>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="60%"
   ><FONT face="Times New Roman"
     >MARIA F. DWYER</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
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    <TD noWrap align=left width="60%"><FONT
      face="Times New Roman">Maria F. Dwyer</FONT>&nbsp; </TD></TR>
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    <TD noWrap align=left width="60%"><FONT
      face="Times New Roman">President (Principal Executive
      Officer)</FONT>&nbsp; </TD></TR></TABLE><BR>

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