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<SEC-DOCUMENT>0001133228-06-000004.txt : 20060109
<SEC-HEADER>0001133228-06-000004.hdr.sgml : 20060109
<ACCEPTANCE-DATETIME>20060109122254
ACCESSION NUMBER:		0001133228-06-000004
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20051031
FILED AS OF DATE:		20060109
DATE AS OF CHANGE:		20060109
EFFECTIVENESS DATE:		20060109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNICIPAL HIGH INCOME FUND INC
		CENTRAL INDEX KEY:			0000830487
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05497
		FILM NUMBER:		06518437

	BUSINESS ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-291-2556

	MAIL ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPECIAL OPPORTUNITIES MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19881025
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>sb145182.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<html>
<head>
<title></title>
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<BODY bgcolor="#ffffff" link="#CCCCFF" vlink="#B2B2B2">
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<A NAME=A001></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<A NAME=A004></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM N-CSR </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<B>811-5497</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Municipal High Income Fund Inc. </B><BR>(Exact
name of registrant as specified in charter) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125 Broad Street, New York, NY 10004<BR>
(Address of principal executive offices) (Zip code)  </FONT></P>

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<A NAME=A005></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert I. Frenkel, Esq.<BR>Legg Mason &amp; Co., LLC<BR>300 First Stamford Place,
4<SUP>th</SUP> Floor <BR>Stamford, CT 06902<BR>(Name
and address of agent for service)</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant's telephone number,
including area code: (800) 451-2010 <BR>Date of fiscal year end: <B>October 31 </B><BR>Date of
reporting period: <B>October 31, 2005</B> </FONT> </P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT TO STOCKHOLDERS. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
<B>Annual</B> Report to Stockholders is filed herewith.  </FONT>
</TD>
</TR>
</TABLE>
<BR>




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<HR SIZE=5 COLOR=GRAY NOSHADE>


<div STYLE='position:relative;left:0;top:0;height:843.33px;width:576'>
    <p style='position:absolute;top:0px;left:0px;'><img src="b1img1.jpg" width="600" height="792"></p>

      <p style='position:absolute;top:41px;left:223px;height:75px;width:339px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
        <font style='font-family:"Arial";font-size:18pt;color:#FFFFFF;'>Municipal
        High Income<br>
        Fund Inc.</font></p>
        <p style='position:absolute;top:292px;left:13px;height:16px;width:213px; text-align:center;padding: 0in 0.1in 0in 0.1in;'>
          <font style='font-family:"Times";font-size:12px;color:#FFFFFF;'> <font color="#FFFFFF" size="2">A
          N N U A L &nbsp;R E P O R T</font></font></p>
      <p style='position:absolute;top:395px;left:83px;height:14px;width:132px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
        <font style='font-family:"Arial";font-size:10px;color:#FFFFFF;'>OCTOBER
        31, 2005</font></p>

      <p style='position:absolute;top:747px;left:235px;height:10px;width:343px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
        <font style='font-family:"Arial";font-size:7px;color:#FFFFFF;'>INVESTMENT
        PRODUCTS: NOT FDIC INSURED &#149; NO BANK GUARANTEE &#149; MAY LOSE VALUE</font></p>
</div>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div></div></div>






  <table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom width="40%" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:4pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFEF09"><font size=4>Municipal
          High Income Fund Inc.</font></font></font><font face="Arial"><font color="#FFEF09"><br>
          </font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="40%" >
        <p style='margin-left:66.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="40%" >
        <p style='margin-left:66.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
                <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
                <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom colspan="5" >
        <p style='margin-left:.5in;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">
          &nbsp;Annual&nbsp;&#149;&nbsp;October&nbsp;31,&nbsp;2005</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="40%" >
        <p style='margin-left:66.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="40%" >
        <p style='margin-left:.5in;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td rowspan=6 valign=top style='background:#FFEF09; height:3.75pt;' width="40%">
        <p style='margin-left:.4in;text-indent:0pt;text-align:left;margin-top:13pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFFFFF"><font size=6>What&#146;s</font></font></font><br>
          <font face="Arial"><font color="#FFFFFF"><font size=6>Inside</font></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk01">Letter
          from the Chairman</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">i</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk02">Manager
          Overview</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">1</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk03">Fund
          at a Glance</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">6</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk04">Schedule
          of Investments</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">7</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk05">Statement
          of Assets and Liabilities</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">19</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td valign=bottom style='background:#FFEF09; height:3.75pt;' width="40%" bgcolor="#FFEF09">
        <p style='margin-left:.8in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk06">Statement
          of Operations</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">20</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td valign=bottom style='background:#FFEF09; height:3.75pt;' width="40%" bgcolor="#FFEF09">
        <p style='margin-left:.8in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk07">Statements
          of Changes in Net Assets</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">21</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td valign=bottom style='background:#FFEF09; height:3.75pt;' width="40%" bgcolor="#FFEF09">
        <p style='margin-left:.8in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk08">Financial
          Highlights</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">22</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td valign=bottom style='background:#FFEF09; height:3.75pt;' width="40%" bgcolor="#FFEF09">
        <p style='margin-left:.8in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk09">Notes
          to Financial Statements</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">23</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td valign=top style='background:#FFFCE0; height:3.75pt;' rowspan=8>
        <p style='margin-left:.4in;margin-right:.3in;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' rowspan="7" bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk10">Report
          of Independent Registered Public Accounting Firm</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">29</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' rowspan="7" bgcolor="#EDF5F5">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk11">Financial
          Data</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">30</font></font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk12">Board
          Approval of Management Agreement</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">31</font></font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk13">Additional
          Information</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">38</font></font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk14">Annual
          Chief Executive Officer and Chief Financial Officer Certificate</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">42</font></font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk15">Additional
          Shareholder Information</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">43</font></font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk16">Dividend
          Reinvestment Plan</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">44</font></font></p>
      </td>
    </tr>
    <tr style='height:3.75pt;'>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">&nbsp;</td>
      <td width="85%" valign=bottom style='background:#FFFEF4; height:3.75pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size=1><a href="#bk17">Important
          Tax Information</a></font></font></p>
      </td>
      <td width="3%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">
        <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font size="1">46</font></font></p>
      </td>
      <td width="2%" valign=bottom style='background:#FFFEF4; height:3.75pt;' bgcolor="#EDF5F5">&nbsp;</td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:.4in;margin-right:.3in;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:10pt;'><font face="Arial"><font size=1>Under
          a licensing agreement between Citigroup and Legg Mason, the names of
          funds, the names of any classes of shares of funds, and the names of
          investment advisers of funds, as well as all logos, trademarks and service
          marks related to Citigroup or any of its affiliates (&#147;Citi Marks&#148;) are
          licensed for use by Legg Mason. Citi Marks include, but are not limited
          to, &#147;Smith Barney,&#148; &#147;Salomon Brothers,&#148; &#147;Citi,&#148; &#147;Citigroup Asset Management,&#148;
          and &#147;Davis Skaggs Investment Management&#148;. Legg Mason and its affiliates,
          as well as the Fund&#146;s investment adviser, are not affiliated with Citigroup.</font></font></p>
        <p style='margin-left:.4in;margin-right:.3in;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:10pt;'><font face="Arial"><font size=1>All
          Citi Marks are owned by Citigroup, and are licensed for use until no
          later than one year after the date of the licensing agreement.</font></font></p>
      </td>

    </tr>
  </table>
  <br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=3>L<a name="bk01"></a>etter
          from the Chairman</font></font></font></p>
      </td>
    </tr>
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      <td width="153" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
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      <td width="153" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
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      <td width="153" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="153" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
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      <td width="153" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="153" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><img src="b2img1.jpg"><br>
        </p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFE503"><b><font SIZE=1>R.
          JAY GERKEN, CFA</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Chairman, President
          and</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Chief</font><b><font size=1>
          </font></b><font size=1>Executive Officer</font></font></font></p>
      </td>
      <td width="24" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="449" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Dear
          Shareholder,</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font size=2>The
          U.S. economy was surprisingly resilient during the fiscal year. While
          surging oil prices, rising interest rates, and the impact of Hurricanes
          Katrina and Rita threatened to derail the economic expansion, growth
          remained solid throughout the period. After a 3.3% advance in the second
          quarter of 2005, third quarter gross domestic product (&#147;GDP&#148;)<sup>i</sup>
          growth grew to 4.3%, marketing the tenth consecutive quarter in which
          GDP growth grew 3.0% or more.</font></p>
        <p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>As
          expected, the Federal Reserve Board (&#147;Fed&#148;)</font><font size=2><sup>ii</sup></font><font size=2>
          continued to raise interest rates in an attempt to ward off inflation.
          After raising rates three times from June 2004 through September 2004,
          the Fed increased its target for the federal funds rate</font><font size=2><sup>iii</sup></font><font size=2>
          in 0.25% increments eight additional times over the reporting period.
          The Fed again raised rates in early November, after the Fund&#146;s
          reporting period had ended. All told, the Fed&#146;s twelve rate hikes
          have brought the target for the federal funds rate from 1.00% to 4.00%.
          This represents the longest sustained Fed tightening cycle since 1976-1979.</font></p>
        <p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>During
          much of the fiscal year, the fixed income market confounded investors
          as short term interest rates rose in concert with the Fed rate tightening,
          while longer-term rates, surprisingly, declined. However, due to a spike
          late in the period, the 10-year Treasury yield was 4.56% on October
          31 2005, versus 4.11% when the period began. Nevertheless, this was
          still lower than its yield of 4.62% when the Fed began its tightening
          cycle on June 30, 2004. This trend also occurred in the municipal bond
          market.</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
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        <td valign=bottom >

          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal
            High Income Fund Inc.</font></font></font></p>
        </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>i</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="153" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>&nbsp;</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="449" valign=top >
            <p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Please read on for a more detailed look at prevailing economic and market conditions during the Fund&#146;s fiscal year and to learn how those conditions have affected Fund performance.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=2>Special Shareholder Notice</font></b></font></font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>On December 1, 2005, Citigroup Inc. (&#147;Citigroup&#148;) completed the sale of substantially all of its asset management business, Citigroup Asset Management, to Legg Mason, Inc. (&#147;Legg Mason&#148;). As a result, the Fund&#146;s investment adviser (the &#147;Manager&#148;), previously an indirect wholly owned subsidiary of Citigroup, has become a wholly-owned subsidiary of Legg Mason. Completion of the sale caused the Fund&#146;s existing investment management contract to terminate. The Fund&#146;s shareholders previously approved a new investment management contract between the Fund and the Manager, which became effective on December 1, 2005.</font></p>
            <p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Effective January 1, 2006, the Fund&#146;s board has approved the appointment of Joseph P. Deane and David T. Fare as co-portfolio managers of the Fund.</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=2>Information About Your Fund</font></b></font></font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>As you may be aware, several issues in the mutual fund industry have recently come under the scrutiny of federal and state regulators. The Fund&#146;s Manager and some of its affiliates have received requests for information from various government regulators regarding market timing, late trading, fees, and other mutual fund issues in connection with various investigations. While these issues do not directly affect your Fund, the Fund has been informed that the Manager and its affiliates are responding to those information requests, but are not in a position to predict the outcome of these requests and investigations.</font></p>
            <p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Important information concerning the Fund and its Manager with regard to recent regulatory developments is contained in Notes to the Financial Statements included in this report.</font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>ii</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="153" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=2>&nbsp;</font></p> </td>
        <td width="24" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="449" valign=top >
            <p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>As always, thank you for your confidence in our stewardship of your assets. We look forward to helping you continue to meet your financial goals. </font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt;'><font size=2>Sincerely,</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><img src="b2img2.jpg"><br> </p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>R. Jay Gerken, CFA</font><br> <font size=2>Chairman, President and Chief Executive Officer</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><i><font size=2>December 19, 2005</font></i><i></i></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial"><font size=1>All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.</font></font></p>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="20" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>i</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Gross
          domestic product is a market value of goods and services produced by
          labor and property in a given country.</font></font></p>
      </td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="20" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>ii</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>The
          Federal Reserve Board is responsible for the formulation of a policy
          designed to promote economic growth, full employment, stable prices,
          and a sustainable pattern of international trade and payments.</font></font></p>
      </td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="20" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>iii</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>The
          federal funds rate is the interest rate that banks with excess reserves
          at a Federal Reserve district bank charge other banks that need overnight
          loans. </font></font></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>iii</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font size=2>&nbsp;</font></font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font face="Arial"><font size=2>&nbsp;</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<div style='width:600;'>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="20%" style=' border-collapse:collapse;' align="left">
    <tr>
      <td width="158" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=3>M<a name="bk02"></a>anager
          Overview</font></font></font></p>
      </td>
      <td width="5" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="158" valign=top >&nbsp;</td>
      <td width="5" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="158" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;<br>
          </font></p>
      </td>
      <td width="5" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="158" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><img src="b3img1.jpg" width="147" height="132"><br>
        </p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFE503"><b><font SIZE=1>PETER
          M. COFFEY</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Vice President
          and</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Investment Officer</font></font></font></p>
      </td>
      <td width="5" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="158" valign=top >&nbsp;</td>
      <td width="5" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="158" valign=top >&nbsp;</td>
      <td width="5" valign=bottom >&nbsp;</td>
    </tr>
  </table>
  <br>
<p style=' margin-bottom:0pt; margin-top:40pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font SIZE=2>Q.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2>What
    were the overall market conditions during the Fund&#146;s <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reporting period?</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font SIZE=2>A.</font></b><font size=2>&nbsp;&nbsp;&nbsp;The U.S. economy continued to grow at a solid pace throughout the period, with gross domestic product (&#147;GDP&#148;)<sup>i</sup> surpassing 3.0% in each quarter covered by this report. Given the strength of the economy and rising oil prices triggering inflationary concerns, the Federal Reserve Board (&#147;Fed&#148;)<sup>ii</sup> continued to raise short-term interest rates at a measured pace. While there were expectations that the Fed might pause in its tightening cycle following the devastation wrought by Hurricanes Katrina and Rita, it continued to raise rates. In its statement accompanying the September 2005 rate hike the Fed said: &#147;The widespread devastation in the Gulf region, the associated dislocation of economic activity, and the boost to energy prices imply that spending, production, and unemployment will be set back in the near term. While these unfortunate
developments have increased uncertainty about near-term economic performance, it is the Committee&#146;s view that they do not pose a more persistent threat.&#148;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Turning to the municipal bond market, new bond issuance continued to be very strong during the reporting period. In 2004, $358 billion in new municipal securities was issued, the third largest amount during a calendar year. This trend has continued thus far in 2005, as a record for first half-year new issuance was established, with $206 billion in new municipal debt. Overall, the abundance of new supply was met with strong demand, especially by institutions and property and casualty insurers.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The current market is characterized by relatively low long-term bond yields and still rising short-term interest rates. Credit quality spreads (the difference in yield between high-, medium- and low-grade credits) are also very narrow by historical standards. In this environment, purchasers of high yield securities are being paid comparatively little incremental yield for taking interest rate or credit risk.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>During the fiscal year, the shorter end of the municipal bond yield curve generated the weakest results, while longer-term securities outperformed. Over the same period, lower quality municipals outperformed their higher quality counterparts.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Performance Review</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>For the 12 months ended October 31, 2005, Municipal High Income Fund Inc. returned 2.16%, based on its New York Stock Exchange (&#147;NYSE&#148;) market price and 7.82% based on its net asset value (&#147;NAV&#148;)<sup>iii</sup> per share. In comparison, the unmanaged Lehman</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> </font><font color="#221E1F"><font size=1>2005 Annual Report</font></font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Brothers
    Municipal Bond Index,<sup>iv</sup> returned 2.54% and the Lipper High Yield
    Municipal Debt Closed-End Funds Category Average</font><font size=2><sup>v</sup>
    increased 8.20% over the same time frame. Please note that Lipper performance
    returns are based on each Fund&#146;s NAV.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Certain investors may be subject to the Federal Alternative Minimum Tax, and state and local taxes may apply. Capital gains, if any, are fully taxable. Please consult your personal tax or legal adviser.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>During the 12-month period, the Fund made distributions to shareholders totaling $0.4490 per share. The performance table shows the Fund&#146;s 30-day SEC yield as well as its 12-month total return based on its NAV and market price as of October 31, 2005. </font><b><font size=2>Past performance is no guarantee of future results. The Fund&#146;s yields will vary.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;'>
      <td colspan="6" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font color="#FFFFFF"><b><font size="2" face="Arial, Helvetica, sans-serif">Fund
          Performance as of October 31, 2005 (unaudited)</font></b></font></p>
      </td>
    </tr>
    <tr style='height:.35in;'>
      <td style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;height:.35in;' width="658">
        <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial"><font size=1>&nbsp;</font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Price Per Share</font></font></font></b></p>
      </td>
      <td width="44" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;height:.35in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>&nbsp;</font></b></p>
      </td>
      <td width="89" style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;height:.35in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>30-Day</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>SEC Yield</font></font></font></b></p>
      </td>
      <td width="202" style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;height:.35in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><b><font size=1>&nbsp;</font></b></p>
      </td>
      <td width="85" style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;height:.35in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>12-Month</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Total Return</font></font></font></b></p>
      </td>
      <td width="37" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;height:.35in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:.2in;'>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;' width="658">
        <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>$7.95
          (NAV)</font></b></font></p>
      </td>
      <td width="44" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; height:.2in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="89" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>5.46%</font></b></font></p>
      </td>
      <td width="202" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="85" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>7.82%</font></b></font></p>
      </td>
      <td width="37" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; height:.2in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:.2in;'>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;' width="658">
        <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>$7.10
          (Market Price)</font></b></font></p>
      </td>
      <td width="44" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; height:.2in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="89" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>6.12%</font></b></font></p>
      </td>
      <td width="202" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="85" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:.2in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>2.16%</font></b></font></p>
      </td>
      <td width="37" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; height:.2in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:.2in;'>
      <td colspan="6" style='background:#FFFDED;height:.2in;'>
        <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:5.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>All
          figures represent past performance and are not a guarantee of future
          results. The Fund&#146;s yields will vary.</font></b></font></p>
      </td>
    </tr>
    <tr style='height:.2in;'>
      <td colspan="6" style='background:#FFFDED; height:.2in;'>
        <p style='margin-left:8.65pt;margin-right:8.65pt;text-indent:0pt;text-align:justify;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Total
          returns are based on changes in NAV or market price, respectively. Total
          returns assume the reinvestment of all distributions, including returns
          of capital, if any, in additional shares. The &#147;SEC yield&#148;
          is a return figure often quoted by bond and other fixed-income mutual
          funds. This quotation is based on the most recent 30-day (or one-month)
          period covered by the Fund&#146;s filings with the SEC. The yield figure
          reflects the income dividends and interest earned during the period
          after deduction of the Fund&#146;s expenses for the period. These yields
          are as of October 31, 2005 and are subject to change.</font></font></p>
      </td>
    </tr>
  </table>
<br>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font SIZE=2>Q.</font></b><font size=2>&nbsp;&nbsp;&nbsp;</font><b><font size=2>What
    were the most significant factors affecting Fund performance?</font></b></font></font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.24in;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>&nbsp;What
    were the leading contributors to performance?</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font SIZE=2>A.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year, the Fund&#146;s securities in the tobacco sector enhanced results. This was largely due to positive developments on the litigation front. As a result, investors had a favorable outlook on securities that are backed by revenues from the Master Settlement Agreement between states and tobacco companies. Our education bonds also performed well, with one non-rated student housing issue gaining substantially as a result of an advance refunding.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The Fund&#146;s transportation holdings contributed to performance as well. In particular, our toll road holdings recovered substantially. We took the opportunity to sell our below investment grade zero coupon bond toll road holdings to reduce interest rate and credit quality risk. We also sold our holdings in two airport special facilities issues for airlines that filed for bankruptcy protection&#151;U.S. Air and Northwest&#151;at higher prices than they were valued at the beginning of the period. Finally, several miscellaneous holdings benefited from generally improving credit quality and narrowing credit quality spreads.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font></font><font size=2> </font><font face="Arial"><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.24in;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>What were the leading detractors from performance?</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font SIZE=2>A.</font></b><font size=2>&nbsp;&nbsp;&nbsp;The Fund&#146;s multi-family low income housing securities detracted from results as one issue defaulted and lost most of its value. In addition, several other distressed holdings in this sector were sold at substantial losses. Our high quality, short maturity pre-refunded holdings were also a drag on performance during the fiscal year. This was due to the fact that shorter term rates rose substantially while long term rates were relatively stable. Elsewhere, several of the Fund&#146;s high coupon bonds were called (or retired) when they reached their first optional call date. This resulted in reduced income for the Fund. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Our hedging strategies detracted from performance. Our short positioning strategy in long-term Treasury futures enhanced results when longer-term rates rose, particularly in the last two months of the period. However, while this strategy reduced the portfolio&#146;s volatility, overall it was detrimental as long-term yields declined over much of the fiscal year, even though the Fed continued to raise short-term rates.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font SIZE=2>Q.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2>Were there any significant changes to the Fund during the reporting period?</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font SIZE=2>A.</font></b><font size=2>&nbsp;&nbsp;&nbsp;Over the fiscal year, we took advantage of favorable market conditions to reduce the Fund&#146;s exposure in the life care, tobacco and transportation sectors. In addition, commitments were pared in multi-family housing, which has remained an area of concern. Holdings in the industrial development and pollution control segments declined as several older high coupon issues were called as they reached optional call dates. Positions in education and hospitals increased primarily because they represented better values at the time cash was available, rather than for any sector related strategy. Pre-refunded bonds also increased as the low interest rate environment enabled issuers to refinance at lower rates by advance refunding several issues in our portfolio.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Looking for Additional Information?</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Fund is traded under the symbol &#147;MHF&#148; and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available on-line under symbol XMHFX. </font><i><font size=2>Barron&#146;s</font></i><font size=2> and </font><i><font size=2>The Wall Street Journal&#146;s</font></i><font size=2> Monday editions carry closed-end fund tables that will provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.citigroupam.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-735-6507, Monday through Friday from 8:00 a.m. to 6:00 p.m. Eastern Time, for the Fund&#146;s current net asset value, market price, and other information.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>3</font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Thank you for your investment in the Municipal High Income Fund Inc. As ever, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the fund&#146;s investment goals.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Sincerely,</font></p></td>
        <td width="2%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="44%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td> </tr> <tr>
        <td width="49%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><img src="img1.jpg"><br> </p></td>
        <td width="2%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>&nbsp;</font></p></td>
        <td width="44%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br > <br > </p></td> </tr> <tr>
        <td width="49%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=2>Peter M. Coffey</font><br> <font size=2>Vice President and Investment Officer</font></p></td>
        <td width="2%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="44%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td> </tr> <tr>
        <td width="49%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><i><font size=2>December 1, 2005</font></i><i></i></p></td>
        <td width="2%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
        <td width="44%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td> </tr></table>
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<br>
<p style=' margin-bottom:0pt; margin-top:114pt;text-align:justify;'><font face="Arial"><font size=1>The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole. </font></font></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:justify;'><font face="Arial"><font size=1>The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. Portfolio holdings are subject to change at any time and may not be representative of the portfolio manager&#146;s current or future investments. The Fund&#146;s top five sector holdings (as a percentage of net assets) as of October 31, 2005 were: Hospitals (16.1%), Miscellaneous (14.9%), Education (13.2%), Pre-refunded (9.9%) and Life Care Systems (6.2%). The Fund&#146;s portfolio composition is subject to change at any time.</font></font></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:justify;'><font face="Arial"><font size=1>RISKS: The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. High yield bonds involve greater credit and liquidity risks than investment grade bonds. Certain investors may be subject to the Federal Alternative Minimum Tax (&#147;AMT&#148;), and state and local taxes may apply. Capital gains, if any, are fully taxable.</font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial"><font size=1>All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.</font></font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:9px;'>i</font></p></td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Gross domestic product is a market value of goods and services produced by labor and property in a given country.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:9px;'>ii</font></p></td>
        <td valign=top >

        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3pt;margin-bottom:0pt;'><font face="Arial" size=1>The
          Federal Reserve Board is responsible for the formulation of a policy
          designed to promote economic growth, full employment, stable prices,
          and a sustainable pattern of international trade and payments.</font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:9px;'>iii</font></p></td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NAV is calculated by subtracting total liabilities and outstanding preferred stock from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is at the Fund&#146;s market price as determined by supply of and demand for the Fund&#146;s shares.</font></font></p></td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:9px;'>iv</font></p></td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3pt;margin-bottom:0pt;'><font face="Arial"><font size=1>The Lehman Brothers Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.</font></font></p></td> </tr></table>
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        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:9px;'>v</font></p></td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the 12-month period ended October 31, 2005, including the reinvestment of distributions, including returns of capital, if any, calculated among the 15 funds in the Fund&#146;s Lipper category, and excluding sales charges.</font></font></p></td> </tr></table>
<sup>&nbsp;</sup>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>4</font></font></p></td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p></td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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        <td width="625" valign=bottom style='border:solid #FFE503 .5pt; '>
            <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in;'><font face="Arial"><font color="#FFE503"><b><font size=2>Take Advantage of the Fund&#146;s Dividend Reinvestment Plan!</font></b></font></font></p>
            <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=2>As an investor in the Fund, you can participate in its Dividend Reinvestment Plan (&#147;Plan&#148;), a convenient, simple and efficient way to reinvest your dividends and &#173;capital gains, if any, in additional shares of the Fund. A more complete description of the Plan begins on page 44. Below is a short summary of how the Plan works.</font></p>
            <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom: 0in;'><font face="Arial"><font color="#FFE503"><b><font size=2>Plan Summary</font></b></font></font></p>
            <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=2>If you are a Plan participant who has not elected to receive your dividends in the form of a cash payment, then your dividend and capital gain distributions will be reinvested automatically in additional shares of the Fund.</font></p>
            <p style='margin-left:.1in;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=2>The number of shares in the Fund you will receive in lieu of a cash dividend is determined in the following manner. If the market price of the shares is equal to or higher than 98% of the net asset value (&#147;NAV&#148;) per share on the date of valuation, you will be issued shares for the equivalent of either 98% of the most recently determined NAV per share or 95% of the market price, whichever is greater.</font></p>
            <p style='margin-left:.1in;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=2>If 98% of the NAV per share at the time of valuation is greater than the market price of the common stock, the Fund will buy shares for your account in the open market or on the New York Stock Exchange.</font></p>
            <p style='margin-left:.1in;text-indent:25.9pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=2>If the Fund begins to purchase additional shares in the open market and the market price of the shares subsequently rises above 98% of the NAV before the purchases are completed, the Fund will attempt to cancel any remaining orders and issue the remaining dividend or distribution in shares at 98% of the Fund&#146;s NAV per share. In that case, the number of Fund shares you receive will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the Fund issues the remaining shares.</font></p>
            <p style='margin-left:.1in;text-indent:25.9pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=2>To find out more detailed information about the Plan and about how you can participate, please call PFPC Inc. at<BR> 1 (800) 331-1710.</font></p>
            <p style='margin-left:15.85pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>5</font></font></p> </td> </tr></table>
</div>
<br>
<br>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<!-- Font Size Percentage Selected: 75% -->
<div STYLE='position:relative;left:0;top:0;height:579.13px;width:464.75'>
<p style='position:absolute;top:0px;left:0px;'><img src="img001.jpg"></p>
  <p style='position:absolute;top:101.1875px;left:374px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>16.1%</font></b></p>
  <p style='position:absolute;top:121.1875px;left:329px;height:12px;width:80.875px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'> 13.2%</font></b></p>
  <p style='position:absolute;top:141.1875px;left:289px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>9.9%</font></b></p>
  <p style='position:absolute;top:160.1875px;left:235px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>6.2%</font></b></p>
  <p style='position:absolute;top:180.1875px;left:230px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>5.8%</font></b></p>
  <p style='position:absolute;top:199.1875px;left:219px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>5.1%</font></b></p>
  <p style='position:absolute;top:218.1875px;left:217px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>4.9%</font></b></p>
  <p style='position:absolute;top:239.1875px;left:211px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>4.4%</font></b></p>
  <p style='position:absolute;top:258.0625px;left:208.875px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>4.3%</font></b></p>

  <p style='position:absolute;top:277px;left:183px;height:16px;width:75px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'> 2.8%</font></b></p>

  <p style='position:absolute;top:296px;left:183px;height:12px;width:75.375px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'> 2.8%</font></b></p>

  <p style='position:absolute;top:316.1875px;left:183.125px;height:12px;width:76px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>2.7%</font></b></p>
  <p style='position:absolute;top:335.6875px;left:176.375px;height:12px;width:75.375px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'> 2.3%</font></b></p>

  <p style='position:absolute;top:355px;left:168px;height:12px;width:75.375px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'> 1.8%</font></b></p>
  <p style='position:absolute;top:375.6875px;left:157.625px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>0.8%</font></b></p>
  <p style='position:absolute;top:394.1875px;left:157.625px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>0.8%</font></b></p>
  <p style='position:absolute;top:413.1875px;left:154px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>0.6%</font></b></p>
  <p style='position:absolute;top:433.1875px;left:154px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>0.6%</font></b></p>
  <p style='position:absolute;top:483.6875px;left:134.125px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>0.0%</font></b></p>
  <p style='position:absolute;top:483.6875px;left:204.75px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>5.0%</font></b></p>
  <p style='position:absolute;top:483.6875px;left:271.125px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>10.0%</font></b></p>
  <p style='position:absolute;top:483.6875px;left:412.875px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>20.0%</font></b></p>
  <p style='position:absolute;top:483.6875px;left:341.875px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>15.0%</font></b></p>
    <p style='position:absolute;top:66px;left:7px;height:14.375px;width:242.625px; text-align:left;padding: 0in 0in 0in 0in;'>
      <font style='font-family:"Arial";font-size:12px;'><b>As a Percent of Total
      Investments</b></font></p>
    <p style='position:absolute;top:32px;left:1px;height:16.75px;width:208px; text-align:left;padding: 0in 0.11in 0in 0.11in;'>
      <font style="font-size:14px; color:#cccccc;"><b><font color="#FFFFFF" face="Arial">Investment
      Breakdown</font></b></font></p>
    <p style='position:absolute;top:9.5625px;left:4.75px;height:19.25px;width:258.125px; text-align:left;padding: 0in 0in 0in 0in;'>
      <font style='font-family:"Arial";font-size:17px;color:#FFDD00;'>Fund <a name="bk03"></a>at
      a Glance (unaudited)</font></p>
    <p style='position:absolute;top:104px;left:43px;height:12px;width:91px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Hospitals</font></b></p>
    <p style='position:absolute;top:123px;left:40px;height:12px;width:94.125px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Education</font></b></p>
    <p style='position:absolute;top:142px;left:22px;height:12px;width:111.875px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Pre-Refunded</font></b></p>
    <p style='position:absolute;top:162px;left:8px;height:12px;width:126.375px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Lifecare Systems</font></b></p>
    <p style='position:absolute;top:183px;left:-17px;height:12px;width:151.75px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Industrial Development</font></b></p>
    <p style='position:absolute;top:201px;left:20px;height:12px;width:114.125px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Transportation</font></b></p>
    <p style='position:absolute;top:220px;left:11px;height:12px;width:123px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Pollution Control</font></b></p>
    <p style='position:absolute;top:240px;left:15px;height:12px;width:118.75px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Public Facilities</font></b></p>
    <p style='position:absolute;top:259px;left:52px;height:12px;width:82.25px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Utilities</font></b></p>
    <p style='position:absolute;top:278px;left:-11px;height:12px;width:146px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Housing: Multi-Family</font></b></p>
    <p style='position:absolute;top:298px;left:-16px;height:12px;width:151.25px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Cogeneration Facilities</font></b></p>
    <p style='position:absolute;top:317px;left:46px;height:12px;width:88.125px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Tobacco</font></b></p>
    <p style='position:absolute;top:336px;left:-18px;height:12px;width:152.5px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Housing: Single-Family</font></b></p>
    <p style='position:absolute;top:357px;left:-3px;height:12px;width:137.875px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>General Obligations</font></b></p>
    <p style='position:absolute;top:376px;left:17px;height:12px;width:117px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Water &amp; Sewer</font></b></p>
    <p style='position:absolute;top:396px;left:-8px;height:12px;width:143px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Escrowed to Maturity</font></b></p>
    <p style='position:absolute;top:416px;left:-11px;height:12px;width:146.375px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Government Facilities</font></b></p>
    <p style='position:absolute;top:436px;left:22px;height:12px;width:112.5px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Tax Allocation</font></b></p>
    <p style='position:absolute;top:456px;left:21px;height:10px;width:113px; text-align:right;padding: 0in 0in 0in 0in;'>
      <b><font style='font-family:"Arial";font-size:10px;'>Miscellaneous</font></b></p>

  <p style='position:absolute;top:453px;left:357px;height:12px;width:80.875px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'> 14.9%</font></b></p>
  <p style='position:absolute;top:508.1875px;left:328.75px;height:12px;width:126.625px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:"Arial";font-size:10px;'>October 31, 2005</font></b></p>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6</font></font></p> </td>

    <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal
        High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p>
    </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;' height="25" align="center">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;&nbsp;</font><b><font size=2>S<a name="bk04"></a>chedule
          of Investments (October 31, 2005)</font></b></font></font></p>
      </td>
    </tr>
    <tr style='height:1.0pt;'>
      <td colspan="9" valign=bottom style=' border-bottom:solid #FFE503 1.5pt; background:#FFFDED;height:1.0pt;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font SIZE=2>MUNICIPAL
          HIGH INCOME FUND INC.</font></b></font></p>
      </td>
      <td width="3" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED; height:1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:1.0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="78" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Face</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Amount</b></font></font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1"></font></p>
      </td>
      <td width="76" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Rating&#135;</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="639" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Security</b></font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Value</b></font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="78" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="21" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="76" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="14" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="5">
      </td>
      <td width="639" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="21" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="3" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=2>MUNICIPAL
          BONDS &#151; 94.6%</font></b></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Alabama
          &#151; 0.7%</font></b></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
        <td width="21" valign=top style='background:#FFFDED;'>
          <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>$&nbsp;</font></font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>615,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;' width="639">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Capstone
          Improvement District of Brookwood, AL, Series A,</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;' width="639">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.700%
          due 8/15/23 (a)</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>61,500</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>West
          Jefferson, AL, Amusement &amp; Public Park Authority Revenue,</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" style='background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Visionland
          Project, Call 12/1/06 @ 102, 8.000% due 12/1/26 (b)</font></font></p>
      </td>
      <td width="21" style='background:#FFFDED; ' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>1,071,410</font></font></p>
      </td>
      <td width="3" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20" width="78">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20" width="639">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          Alabama</font></b></font></p>
      </td>
      <td width="21" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,132,910</font></font></p>
      </td>
      <td width="3" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Alaska
          &#151; 2.9%</font></b></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,055,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Alaska
          Industrial Development &amp; Export Authority Revenue,</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Williams
          Lynxs Alaska Cargoport, 8.125% due 5/1/31 (c)</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,051,054</font></font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Alaska
          State Housing Financial Corp., General Housing:</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          A, FGIC-Insured, 5.000% due 12/1/26 (d)</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,066,240</font></font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>1,650,000</font></font></p>
      </td>
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          B, MBIA-Insured, 5.250% due 12/1/30</font></font></p>
      </td>
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>1,738,803</font></font></p>
      </td>
      <td width="3" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          Alaska</font></b></font></p>
      </td>
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>4,856,097</font></font></p>
      </td>
      <td width="3" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Arizona
          &#151; 3.1%</font></b></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Casa
          Grande, AZ, IDA, Hospital Revenue, Casa Grande Regional</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Medical
          Center, Series A, 7.625% due 12/1/29</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,644,555</font></font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>935,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Maricopa
          County, AZ, IDA, MFH Revenue, Gran Victoria Housing LLC</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Project,
          Series B, 10.000% due 5/1/31 (e)</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>937,711</font></font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,780,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Phoenix,
          AZ, IDA, MFH Revenue, Ventana Palms Apartments Project,</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          B, 8.000% due 10/1/34</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,510,775</font></font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Yuma
          &amp; La Paz Counties, Arizonal Community College District,</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Arizona
          Western College, FSA-Insured, 5.000% due 7/1/24</font></font></p>
      </td>
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>1,035,590</font></font></p>
      </td>
      <td width="3" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          Arizona</font></b></font></p>
      </td>
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>5,128,631</font></font></p>
      </td>
      <td width="3" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Arkansas
          &#151; 1.1%</font></b></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Arkansas
          State Development Financing Authority:</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>BBB</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Hospital
          Revenue, Washington Regional Medical Center,</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Call
          2/1/10 @ 100, 7.375% due 2/1/29 (b)</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,151,530</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>600,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>BB+</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Industrial
          Facilities Revenue, Potlatch Corp. Projects, Series A,</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="15" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" height="15" style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.750%
          due 8/1/25 (c)</font></font></p>
      </td>
      <td width="21" height="15" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>679,590</font></font></p>
      </td>
      <td width="3" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18" width="78">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'>&nbsp;</p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18" width="639">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          Arkansas</font></b></font></p>
      </td>
      <td width="21" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,831,120</font></font></p>
      </td>
      <td width="3" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>California
          &#151; 10.6%</font></b></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Barona,
          Band of Mission Indians, CA, 8.250% due 1/1/20 (e)</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,564,260</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>A3(f)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>California
          Health Facilities Financing Authority Revenue, Refunding,</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Cedars-Sinai
          Medical Center, 5.000% due 11/15/27</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,025,160</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>California
          State Department of Water Resources &amp; Power Supply</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Revenue,
          Series A:</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>MBIA-IBC-Insured,
          Call 5/1/12 @ 101, 5.375% due 5/1/21 (b)(d)</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5,395,700</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>XLCA-Insured,
          Call 5/1/12 @ 101, 5.375% due 5/1/17 (b)</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,633,020</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>California
          Statewide CDA Revenue, East Valley Tourist Project,</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="52" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="639" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          A, 9.250% due 10/1/20</font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
        <td width="52" valign=top style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,637,385</font></font></p>
      </td>
      <td width="3" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
  <p style=' margin-bottom:0pt; margin-top:25pt;text-align:center;'><font face="Arial"><b><font size="1" face="Times New Roman, Times, serif">See
    Notes to Financial Statements.</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:18pt;text-align:center;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7</font></font></p> </td> </tr></table>
</div>
<br>
<br>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div></div>


<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="99%" style=' border-collapse:collapse;'>
    <tr>
      <td colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;' height="25">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;&nbsp;</font><b><font size=2>Schedule
          of Investments (October 31, 2005)</font> <font face="Arial" size="2">(continued)</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Face</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Amount</b></font></font></font></p>
      </td>
      <td width="21" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1"></font></p>
      </td>
      <td width="76" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Rating&#135;</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="634" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Security&nbsp;&nbsp;&nbsp;&nbsp;</b></font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Value</b></font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="78" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="21" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="76" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="14" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="5">
      </td>
      <td width="634" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="20" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="5">
      </td>
      <td width="11" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>California
          &#151; 10.6% (continued)</font></b></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;' width="634">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Golden
          State Tobacco Securitization Corp., California Tobacco</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;' width="634">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Settlement
          Revenue:</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>BBB</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Asset
          Backed, Series A-4, 7.800% due 6/1/42 (d)</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,434,060</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>A-</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Enhanced
          Asset Backed, Series B, Call 6/1/13 @ 100,</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>5.625%
          due 6/1/38 (b)</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,116,370</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>1,865,000</font></font></p>
      </td>
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>Ba2(f)</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Vallejo,
          CA, COP, Touro University, 7.375% due 6/1/29</font></font></p>
      </td>
      <td width="20" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>1,956,143</font></font></p>
      </td>
      <td width="11" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18" width="78">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18" width="634">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          California</font></b></font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>17,762,098</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Colorado
          &#151; 4.0%</font></b></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Beacon
          Point Metropolitan District, GO, Series A,</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>6.250%
          due 12/1/35</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>498,825</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Colorado
          Educational &amp; Cultural Facilities Authority Revenue:</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Charter
          School:</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,230,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Bromley
          School Project, Refunding, XLCA-Insured,</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>5.125%
          due 9/15/25</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,286,642</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>845,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Peak
          to Peak Project, Call 8/15/11 @100,</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.500%
          due 8/15/21 (b)</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>984,095</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Colorado
          Lutheran High School Association Project, Series A,</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.625%
          due 6/1/34 (d)</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,083,360</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>785,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Elbert
          County Charter, 7.375% due 3/1/35</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>785,126</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>High
          Plains, CO, Metropolitan District, Series A, 6.250% due 12/1/35</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>498,825</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Southlands,
          CO, Metropolitan District Number 1, GO,</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.125%
          due 12/1/34</font></font></p>
      </td>
      <td width="20" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>543,715</font></font></p>
      </td>
      <td width="11" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          Colorado</font></b></font></p>
      </td>
      <td width="20" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>6,680,588</font></font></p>
      </td>
      <td width="11" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>District
          of Columbia &#151; 1.2%</font></b></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,895,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>District
          of Columbia COP, District Public Safety &amp; Emergency,</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>AMBAC-Insured,
          5.500% due 1/1/20 (d)</font></font></p>
      </td>
      <td width="20" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,054,085</font></font></p>
      </td>
      <td width="11" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Florida
          &#151; 12.5%</font></b></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:3pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Beacon
          Lakes, FL, Community Development District, Special</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Assessment,
          Series A, 6.900% due 5/1/35</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,087,600</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Bonnet
          Creek Resort Community Development District, Special</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Assessment,
          7.500% due 5/1/34</font></font></p>
      </td>
      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,643,310</font></font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Capital
          Projects Finance Authority of Florida, Student Housing</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Revenue,
          Capital Projects Loan Program, Florida University,</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          A, 7.850% due 8/15/31 (b)(d)</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,426,820</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Capital
          Projects Finance Authority, FL, Continuing Care Retirement</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Glenridge
          on Palmer Ranch, Series A, 8.000% due 6/1/32 (d)</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,220,960</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>965,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Century
          Parc Community Development District, Special Assessment,</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.000%
          due 11/1/31</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,013,231</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>A+</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Highlands
          County, FL, Health Facilities Authority Revenue, Adventist</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Health
          Systems, Series D, 6.000% due 11/15/25</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,085,170</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Aaa(f)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Hollywood,
          FL, FGIC-Insured, 5.000% due 6/1/26</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,044,060</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>830,000</font></font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Homestead,
          FL, IDR, Community Rehabilitation Providers Program,</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="78" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="21" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="634" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          A, 7.950% due 11/1/18</font></font></p>
      </td>
      <td width="20" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="51" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>837,171</font></font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
  <p style=' margin-bottom:0pt; margin-top:25pt;text-align:center;'><font face="Arial"><b><font size="1" face="Times New Roman, Times, serif">See
    Notes to Financial Statements.</font></b></font></p>
<p style=' margin-bottom:0pt; margin-top:18pt;text-align:center;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<br>
<br>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="99%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;' valign="middle">
      <td colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;height:.25in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=2>&nbsp;&nbsp;</font><font color="#FFFFFF"><b><font size=2>Schedule
          of Investments (October 31, 2005) (continued)</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Face</b></font><font face="Arial, Helvetica, sans-serif" size="1"><br>
          <font color="#FFE503"><b>Amount</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Rating&#135;</b></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></p>
      </td>
      <td width="406" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Security</b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></p>
      </td>
      <td WIDTH=65 colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Value</b></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="9" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
      <td width="406" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td WIDTH=65 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="4" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
    </tr>
    <tr>
      <td WIDTH=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Florida
          &#151; 12.5% (continued)</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BB+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Martin
          County, FL, IDA Revenue, Indiantown Cogeneration Projects,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          A, 7.875% due 12/15/25 (c)(d)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,066,560</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Orange
          County, FL, Health Facilities Authority Revenue, First</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Mortgage,
          GF, Orlando Inc. Project, 9.000% due 7/1/31</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,074,470</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>495,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Palm
          Beach County, FL, Health Facilities Authority Revenue, John F. </font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Kennedy
          Memorial Hospital Inc. Project, 9.500% due 8/1/13 (g)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>610,855</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Reunion
          East Community Development District, Special Assessment, </font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          A, 7.375% due 5/1/33 (d)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,186,780</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>B-</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Santa
          Rosa, FL, Bay Bridge Authority Revenue, 6.250% due 7/1/28</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,004,940</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>University
          of Central Florida, COP, Series A, FGIC-Insured,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>5.000%
          due 10/1/25</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,029,100</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,485,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Waterlefe,
          FL, Community Development District, Golf Course Revenue,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:.15in;'>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;height:.15in;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;height:.15in;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;height:.15in;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.125%
          due 10/1/25</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,489,024</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Florida</font></b></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>20,820,051</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Georgia
          &#151; 4.2%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Atlanta,
          GA, Airport Revenue:</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          B, FGIC-Insured, 5.625% due 1/1/30 (c)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,045,850</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          G, FSA-Insured, 5.000% due 1/1/26</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,035,620</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Atlanta,
          GA, Tax Allocation, Atlantic Station Project, 7.900% due 12/1/24 (d)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,732,225</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Gainesville
          &amp; Hall County, GA, Development Authority Revenue, </font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Senior
          Living Facilities, Lanier Village Estates, Series C,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.250%
          due 11/15/29</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,072,940</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,005,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Walton
          County, GA, IDA Revenue, Walton Manufacturing Co. Project, </font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='background:#FFFDED; ' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.500%
          due 9/1/07</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,030,798</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr >
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Georgia</font></b></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6,917,433</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Illinois
          &#151; 1.3%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="9" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Chicago,
          IL, GO, Neighborhoods Alive 21 Program, FGIC-Insured,</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Call
          1/1/11 @ 100, 5.500% due 1/1/31 (b)(d)</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,184,320</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Indiana
          &#151; 2.1%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>East
          Chicago Industrial, PCR, IN, Inland Steel Co. Project Number 10,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6.800%
          due 6/1/13 (d)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,503,125</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB-</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Indiana
          State Development Finance Authority, PCR, Inland Steel Co.</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Project
          Number 13, 7.250% due 11/1/11 (c)</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,035,630</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr >
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Indiana</font></b></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>3,538,755</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Louisiana
          &#151; 0.6%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Epps,
          LA, COP, 8.000% due 6/1/18</font></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,028,140</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Maryland
          &#151; 1.0%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Maryland
          State Economic Development Corp. Revenue, Chesapeake</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Bay,
          Series A, 7.730% due 12/1/27</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,581,435</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:18pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>9</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p>
  <PAGE>
</div>



  <table border="0" cellspacing=0 cellpadding=0 width="99%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;' valign="middle">
      <td colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;height:.25in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=2>&nbsp;&nbsp;</font><font color="#FFFFFF"><b><font size=2>Schedule
          of Investments (October 31, 2005) (continued)</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Face</b></font><font face="Arial, Helvetica, sans-serif" size="1"><br>
          <font color="#FFE503"><b>Amount</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif"><font size="1"></font></font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Rating&#135;</b></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></p>
      </td>
      <td width="406" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Security</b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;</font></p>
      </td>
      <td width=65 colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Value</b></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="9" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
      <td width="406" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width=65 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="4" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
    </tr>
    <tr>
      <td width=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Massachusetts
          &#151; 4.2%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>955,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Boston,
          MA, Industrial Development Financing Authority Revenue,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Roundhouse
          Hospitality LLC Project, 7.875% due 3/1/25 (c)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1><font face="Arial"><font size=1>$</font></font></font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>957,416</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Massachusetts
          State DFA Revenue, Briarwood, Series B,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Call
          12/1/10 @ 101, 8.250% due 12/1/30 (b)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,217,650</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>BBB</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Massachusetts
          State HEFA Revenue, Caritas Christi Obligation,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          B, 6.750% due 7/1/16</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,116,050</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,900,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Massachusetts
          State IFA Revenue, Assisted Living Facilities,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Marina
          Bay LLC Project, 7.500% due 12/1/27 (b)(c)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,003,645</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Massachusetts
          State, School Building Authority, Dedicated Sales Tax </font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Revenue,
          Series A, FSA-Insured, 5.000% due 8/15/20</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,057,820</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>425,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="9" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Massachusetts
          State Port Authority Revenue, 13.000% due 7/1/13 (g)</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>590,716</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr >
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Massachusetts</font></b></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6,943,297</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Michigan
          &#151; 6.7%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,130,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Allen
          Academy, COP, 7.500% due 6/1/23 (d)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,057,410</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Cesar
          Chavez Academy, COP:</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.250%
          due 2/1/33</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>965,370</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.000%
          due 2/1/33</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,032,730</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,645,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Ba1(f)</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Garden
          City, MI, HFA, Hospital Revenue, Garden City Hospital</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Obligation
          Group, Series A, 5.625% due 9/1/10</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,633,567</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Gaudior
          Academy, COP, 7.250% due 4/1/34</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,007,160</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,750,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Kalamazoo
          Advantage Academy, COP, 8.000% due 12/1/33</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,828,557</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Merritt
          Academy, COP, 7.250% due 12/1/24</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>996,850</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Star
          International Academy, COP, 7.000% due 3/1/33</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,008,710</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>700,000</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>William
          C. Abney Academy, COP, 6.750% due 7/1/19</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>687,085</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr >
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Michigan</font></b></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>11,217,439</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Mississippi
          &#151; 0.9%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,480,000</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Aaa(f)</font></font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="406" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Jackson,
          MS, Public School District, FSA-Insured, 5.000% due 10/1/20</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,554,755</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Montana
          &#151; 1.5%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,515,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Montana
          State Board of Investment, Resource Recovery Revenue,</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Yellowstone
          Energy LP Project, 7.000% due 12/31/19 (c)(d)</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,473,528</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>New
          Hampshire &#151; 1.0%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,600,000</font></font></p>
      </td>
      <td width="14" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>A</font></font></p>
      </td>
      <td width="9" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="406" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>New
          Hampshire HEFA Revenue, Covenant Health System, </font></font></p>
      </td>
      <td width="14" valign=top style=' background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="406" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>5.500%
          due 7/1/34</font></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,662,400</font></font></p>
      </td>
      <td width="4" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=542 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>New
          Jersey &#151; 4.8%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Casino
          Reinvestment Development Authority Revenue, Series A,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>MBIA-Insured,
          5.250% due 6/1/20</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,598,715</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>New
          Jersey EDA, Retirement Community Revenue, SeaBrook</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Village
          Inc., Series A, 8.250% due 11/15/30</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,110,790</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>3,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>BBB-</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>New
          Jersey Health Care Facilities Financing Authority Revenue,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Trinitas
          Hospital Obligation Group, 7.500% due 7/1/30 (d)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>3,338,550</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>1,750,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>BBB</font></font></p>
      </td>
      <td width="9" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Tobacco
          Settlement Financing Corp., 6.750% due 6/1/39</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2,012,500</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          New Jersey</font></b></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="58" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8,060,555</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
  <br>
<p style=' margin-bottom:0pt; margin-top:18pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>10</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;' height="26">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;&nbsp;</font><b><font size=2>Schedule
          of Investments (October 31, 2005) (continued)</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="84" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Face</font></b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Amount</b></font></font></font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Rating&#135;</font></b></font></font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="654" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Security</font></b></font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Value</font></b></font></font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="84" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'></p>
      </td>
      <td width="60" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="5" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b></b></p>
      </td>
      <td width="654" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b></b></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="16" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>New
          Mexico &#151; 2.0%</font></b></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;' width="654">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Albuquerque,
          NM, Hospital Revenue, Southwest Community Health</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;' width="654">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Services,
          Call 8/1/08 @ 100:</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>200,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10.000%
          due 8/1/12 (b)</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>228,812</font></font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>105,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10.125%
          due 8/1/12 (b)</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>120,427</font></font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Otero
          County, NM, Jail Project Revenue, 7.500% due 12/1/24</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,041,100</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A+</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Sandoval
          County, NM, Incentive Payment Revenue, Refunding,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>5.000%
          due 6/1/20</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,038,520</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>940,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Sandoval
          County, NM, Project Revenue, Santa Ana Pueblo Project,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.750%
          due 7/1/15</font></font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>966,414</font></font></p>
      </td>
      <td width="16" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18" width="84">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18" width="654">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          New Mexico</font></b></font></p>
      </td>
      <td width="50" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>3,395,273</font></font></p>
      </td>
      <td width="16" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>New
          York &#151; 7.2%</font></b></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>700,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Brookhaven,
          NY, IDA Civic Facilities Revenue, Memorial Hospital</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Medical
          Center Inc., Series A, 8.250% due 11/15/30</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>752,878</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Aaa(f)</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Herkimer
          County, NY, IDA, Folts Adult Home, Series A, FHA-Insured,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>GNMA-Collateralized,
          5.500% due 3/20/40</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>538,590</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Metropolitan
          Transportation Authority of New York, Series A,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>AMBAC-Insured,
          5.000% due 7/1/30 (d)</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,056,880</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Monroe
          County, NY, IDA, Civic Facilities Revenue, Woodland</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Village
          Project, 8.550% due 11/15/32</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,121,880</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>New
          York City, NY, IDA, Civic Facilities Revenue:</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,340,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Community
          Residence for the Developmentally Disabled Project,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.500%
          due 8/1/26</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,394,552</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Special
          Needs Facilities Pooled Program, Series A-1,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>8.125%
          due 7/1/19</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,077,060</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>New
          York City, NY, Municipal Water Finance Authority, Water &amp; Sewer</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>System
          Revenue, Series C, MBIA-Insured, 5.000% due 6/15/27</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,041,010</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>New
          York State Dormitory Authority Revenue:</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Mental
          Health Services Facilities Improvement, Series B,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>AMBAC-Insured,
          5.000% due 2/15/35</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,543,680</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,450,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Montefiore
          Hospital, FGIC/FHA-Insured, 5.000% due 8/1/29</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,498,691</font></font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>970,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Suffolk
          County, NY, IDA, Civic Facilities Revenue, Eastern Long Island</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Hospital
          Association, Series A, 7.750% due 1/1/22</font></font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,026,541</font></font></p>
      </td>
      <td width="16" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total
          New York</font></b></font></p>
      </td>
      <td width="50" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>12,051,762</font></font></p>
      </td>
      <td width="16" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>North
          Carolina &#151; 0.6%</font></b></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>950,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>North
          Carolina Medical Care Community, Health Care Facilities</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Revenue,
          First Mortgage, DePaul Community Facilities Project,</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.625%
          due 11/1/29</font></font></p>
      </td>
      <td width="50" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>995,173</font></font></p>
      </td>
      <td width="16" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Ohio
          &#151; 3.5%</font></b></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,500,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB</font></font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Cuyahoga
          County, OH, Hospital Facilities Revenue, Canton Inc. Project,</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.500%
          due 1/1/30</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,667,295</font></font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Montgomery
          County, OH, Health Systems Revenue:</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>260,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB</font></font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Prerefunded
          Balance, Series B-1, Call 7/1/06 @102,</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>8.100%
          due 7/1/18 (b)</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>272,298</font></font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,035,000</font></font></p>
      </td>
      <td width="15" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB</font></font></p>
      </td>
      <td width="5" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="654" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series
          B-1, Call 7/1/06 @ 102, 8.100% due 7/1/18 (b)</font></font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="68" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,088,468</font></font></p>
      </td>
      <td width="16" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
  <br>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>11</font></font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE></div>


<div style='width:600;'>

  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

      <td colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;' height="25">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.000pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;&nbsp;</font><b><font size=2>Schedule of Investments (October 31, 2005) (continued)</font></b></font></font></p> </td> </tr> <tr>

      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p> </td>

      <td width="91" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Face</font></b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Amount</b></font></font></font></p>
      </td>

      <td width="20" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p> </td>

      <td width="67" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Rating&#135;</font></b></font></font></p>
      </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p> </td>

      <td width="739" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size="1">Security</font></b></font></font></p>
      </td>

      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p> </td>

      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:1.0pt;'><font face="Arial"><font face="Arial"><font color="#FFE503"><b><font size="1">Value</font></b></font></font><font color="#FFE503"><b></b></font></font></p>
      </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:1.0pt;'>&nbsp;<b></b></p> </td> </tr> <tr>

      <td width="24" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1></font></p> </td>

      <td width="91" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p> </td>

      <td width="20" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'></p> </td>

      <td width="67" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p> </td>

      <td width="8" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b></b></p> </td>

      <td width="739" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p> </td>

      <td width="24" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b></b></p> </td>

      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="3">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p> </td>

      <td width="12" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1></font></p> </td> </tr> <tr>

      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Ohio &#151; 3.5% (continued)</font></b></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>$</font></font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>1,500,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB-</font></font></p> </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td valign=top style='background:#FFFDED;' width="739">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Ohio State Air Quality Development Authority Revenue, Cleveland</font></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td valign=top style='background:#FFFDED;' width="739">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Pollution Control, Series A, 6.000% due 12/1/13</font></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p> </td>

      <td width="105" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,575,150</font></font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,260,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AA+</font></font></p> </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Riversouth Authority Ohio, Revenue, Riversouth Area Redevelopment,</font></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Series A, 5.000% due 12/1/25</font></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>1,311,584</font></font></p>
      </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18" width="91">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18" width="739">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total Ohio</font></b></font></p> </td>

      <td width="24" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5,914,795</font></font></p> </td>

      <td width="12" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Pennsylvania &#151; 4.2%</font></b></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,200,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Allegheny County, PA, IDA, Airport Special Facilities Revenue,</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>USAir, Inc. Project, Series B, 8.500% due 3/1/21 (a)(c)</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>46,750</font></font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Cumberland County, PA, Municipal Authority Retirement Community</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Revenue, Wesley Affiliated Services Inc. Project, Series A,</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>7.250% due 1/1/35</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,069,430</font></font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB+</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Lebanon County, PA, Health Facilities Authority Revenue, Good</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Samaritan Hospital Project, 6.000% due 11/15/35</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,067,520</font></font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,640,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Montgomery County, PA, Higher Education &amp; Health Authority</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Revenue, Temple Continuing Care Center, 6.625% due 7/1/19 (a)</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>475,200</font></font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>990,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Northumberland County, PA, IDA Facilities Revenue, NHS Youth</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Services Inc. Project, Series A, 7.500% due 2/15/29</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,014,403</font></font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Philadelphia, PA, Authority for IDR, Host Marriot LP Project,</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Remarketed 10/31/95, 7.750% due 12/1/17</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,010,250</font></font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Westmoreland County, PA, IDA Revenue, Health Care Facilities,</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Redstone Highlands Health, Series B, Call 11/15/10 @ 101,</font></font></p> </td>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>8.125% due 11/15/30 (b)(d)</font></font></p> </td>

      <td width="24" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,279,160</font></font></p> </td>

      <td width="12" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total Pennsylvania</font></b></font></p> </td>

      <td width="24" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>6,962,713</font></font></p> </td>

      <td width="12" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>South Carolina &#151; 0.4%</font></b></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>225,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Florence County, SC, IDR, Stone Container Corp., 7.375% due 2/1/07</font></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>225,601</font></font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>385,000</font></font></p> </td>

      <td width="20" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>McCormick County, SC, COP, 9.750% due 7/1/09</font></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>386,336</font></font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td width="24" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18" width="91">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'>&nbsp;</p> </td>

      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18" width="739">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Total South Carolina</font></b></font></p> </td>

      <td width="24" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>611,937</font></font></p> </td>

      <td width="12" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>

      <td colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Texas &#151; 9.7%</font></b></font></p> </td>

      <td width="24" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,155,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Ba3(f)</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Bexar County, TX, Housing Finance Corp., MFH Revenue, Nob Hill</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Apartments,
          Series B, 8.500% due 6/1/31</font></font></p>
      </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,056,063</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>570,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Bexar County, TX, Housing Financial Corp., MFH Revenue,</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Continental
          Lady Ester, Series A, 6.875% due 6/1/29</font></font></p>
      </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>528,282</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Garza County Public Facility Corp., 5.500% due 10/1/18</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,036,860</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,000,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BB</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Gulf Coast of Texas, IDA, Solid Waste Disposal Revenue, CITGO</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Petroleum
          Corp. Project, 7.500% due 9/30/12 (c)(d)(h)</font></font></p>
      </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,233,260</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,750,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>B-</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Houston,
          TX, Airport Systems Revenue, Special Facilities, Continental</font></font></p>
      </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Airlines
          Inc. Project, Series C, 6.125% due 7/15/27 (c)(d)</font></font></p>
      </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,184,682</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,100,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Intercontinental Airport, Houston Public Facilities Corp. Project</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Revenue, 7.750% due 5/1/26</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,079,001</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Laredo, TX, ISD Public Facility Corp. Lease Revenue, Series A,</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="top">
      <td width="24" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="91" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="20" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="67" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="8" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="739" style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>AMBAC-Insured, 5.000% due 8/1/29</font></font></p> </td>

      <td width="24" style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="14" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="105" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,022,450</font></font></p> </td>

      <td width="12" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr></table>
<br>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>12</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>

  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>

  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td WIDTH=625 colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;' height="25" valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;&nbsp;</font><b><font size=2>Schedule
          of Investments (October 31, 2005) (continued)</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Face</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Amount</font></b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Rating&#135;</font></b></font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="401" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Security</font></b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td WIDTH=71 colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Value</font></b></font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="9" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
      </td>
      <td width="401" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width=71 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="4" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><b><font size=1>Texas
          &#151; 9.7% (continued)</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Midlothian,
          TX, Development Authority, Tax Increment Contract</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Revenue,
          6.200% due 11/15/29</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,003,730</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>AAA</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>North
          Texas Throughway Authority, Dallas North Tollway Systems</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Revenue,
          Series A, FSA-Insured, 5.000% due 1/1/35</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,028,060</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BB</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Port
          Corpus Christi, TX, Industrial Development Corp., CITGO</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Petroleum
          Corp. Project, 8.250% due 11/1/31 (c)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,060,490</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>960,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Caa1(f)</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Texas
          State Affordable Housing Corp., MFH Revenue, HIC</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Arborstone/Baybrook,
          Series C, 7.250% due 11/1/31 (a)(i)(j)</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>66,240</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,865,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>West
          Texas Detention Facility Corp. Revenue, 8.000% due 2/1/25</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,905,079</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Willacy
          County, TX, PFC Project Revenue:</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>County
          Jail, 7.500% due 11/1/25</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,009,380</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          A-1, 8.250% due 12/1/23</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,033,380</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Texas</font></b></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>16,246,957</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><b><font size=1>Virginia
          &#151; 1.6%</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>505,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Alexandria,
          VA, Redevelopment &amp; Housing Authority, MFH Revenue,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Parkwood
          Court Apartments Project, Series C, 8.125% due 4/1/30</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>506,459</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Broad
          Street CDA Revenue, 7.500% due 6/1/33</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,093,360</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Fairfax
          County, VA, EDA Revenue, Retirement Community, Greenspring</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Village,
          Inc., Series A, 7.500% due 10/1/29</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,061,280</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Virginia</font></b></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2,661,099</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Wisconsin
          &#151; 1.0%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Wisconsin
          State HEFA Revenue:</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>BBB+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Aurora
          Health Care, 6.400% due 4/15/33</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,094,610</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,745,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>NR</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Benchmark
          Healthcare of Green Bay, Inc. Project, Series A,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" height="15" style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" height="15" style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.750%
          due 5/1/27 (a)</font></font></p>
      </td>
      <td width="14" height="15" style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" height="15" style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>523,500</font></font></p>
      </td>
      <td width="4" height="15" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-right:none;background:#FFFDED; border-bottom:solid #FFE503 .5pt;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Wisconsin</font></b></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,618,110</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font SIZE=1>TOTAL
          MUNICIPAL BONDS</font></b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(Cost
          &#151; $158,414,152)</font></font></p>
      </td>
      <td width="14" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>157,885,456</font></b></font></p>
      </td>
      <td width="4" style='border-top: none;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Shares&nbsp;&nbsp;&nbsp;</font></b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="401" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td WIDTH=71 colspan="2" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="9" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
      <td width="401" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width=71 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;'>
      </td>
      <td width="4" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;'>
      </td>
    </tr>
    <tr>
      <td width=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font face="Arial" size="1"><b>COMMON
          STOCK &#151; 0.0%</b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
    </tr>
    <tr>
      <td width=537 colspan="6" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" size="1"><b>ENERGY
          &#151; 0.0%</b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td colspan="2" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
    </tr>
    <tr>
      <td width=537 colspan="6" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2pt;'><font face="Arial" size="1"><b>Oil,
          Gas &amp; Consumable Fuels &#151; 0.0%</b></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td colspan="2" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>3,180</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Mobile
          Energy Services LLC (i)(j)*</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(Cost
          &#151; $988,235)</font></font></p>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>0</font></b></font></p>
      </td>
      <td width="4" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" style=' background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td style=' background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="14" style=' background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="49" style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="9" style=' background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td style=' background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><b>TOTAL
          INVESTMENTS BEFORE SHORT-TERM</b></font></p>
      </td>
      <td width="14" style=' background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="8" style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="63" style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="4" style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font SIZE=1>INVESTMENTS</font></b><font size=1>
          (Cost &#151; $159,402,387)</font></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>157,885,456</font></b></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>13</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td WIDTH=625 colspan="10" style='border:solid #FFE503 .5pt; background:#FFE503;' height="25" valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;&nbsp;</font><b><font size=2>Schedule
          of Investments (October 31, 2005) (continued)</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Face</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Amount</font></b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Rating&#135;</font></b></font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td width="401" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Security</font></b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
      <td WIDTH=71 colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:8.0pt;margin-bottom:1.0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Value</font></b></font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'>&nbsp;<b></b></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="49" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="9" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
      </td>
      <td width="401" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width=71 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width="4" valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:3.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1><b>SHORT-TERM
          INVESTMENTS(k) &#151; 3.4%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=537 colspan="6" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Florida
          &#151; 0.3%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'> </td>
      <td colspan="2" valign=bottom style='background:#FFFDED; '> </td>
      <td width="4" valign=bottom style='background:#FFFDED;'> </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>460,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>VMIG
          1(f)</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Brevard
          County, FL, Health Facilities Authority, Refunding Bonds,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Health
          First Inc. Project, LOC-Suntrust Bank, 2.720% due 11/1/05</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="63" height="15" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>460,000</font></font></p>
      </td>
      <td width="4" height="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Georgia
          &#151; 0.1%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>200,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Atlanta,
          GA, Water &amp; Wastewater Revenue, Series C, FSA-Insured,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2.720%
          due 11/1/05</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>200,000</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' border-top:solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Illinois
          &#151; 0.9%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='border-top:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-top:solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='border-top:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>700,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Illinois
          Finance Authority Revenue, Northwestern Memorial Hospital,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          B-2, SPA-UBS AG, 2.700% due 11/1/05</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>700,000</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Illinois
          Health Facilities Authority, OSF Healthcare Systems, LOC-Fifth</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Third
          Bank, 2.730% due 11/1/05</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>400,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Illinois
          Health Facilities Authority Revenue, University Chicago</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Hospitals,
          MBIA Insured, SPA-Bank One, 2.740% due 11/1/05</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>400,000</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1><b>Total
          Illinois</b></font></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,600,000</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><font face="Arial"><font size=1><b>Massachusetts
          &#151; 0.3%</b></font></font><font size=1></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>VMIG
          1(f)</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Massachusetts
          HEFA, Capital Asset Program, Series E,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>LOC-Bank
          of America, 2.700% due 11/1/05</font></font></p>
      </td>
      <td width="14" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Pennsylvania
          &#151; 0.3%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>200,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Pennsylvania
          State Higher EFA, Carnegie Mellon University, Series B,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>SPA-JPMorgan
          Chase Bank, 2.720% due 11/1/05</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>200,000</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>300,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Philadelphia,
          PA, Hospitals &amp; Higher Education Facilities Authority,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Children&#146;s
          Hospital Philadelphia, SPA-Fleet National Bank,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2.720%
          due 11/1/05</font></font></p>
      </td>
      <td width="14" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>300,000</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1><b>Total
          Pennsylvania</b></font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' border-top:solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Tennessee
          &#151; 0.6%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='border-top:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-top:solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='border-top:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>VMIG
          1(f)</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Sevier
          County, TN, Public Building Authority, Local Government</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Improvement,
          Series IV-E-3, AMBAC-Insured, 2.740% due 11/1/05</font></font></p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,000,000</font></font></p>
      </td>
      <td width="4" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td WIDTH=537 colspan="6" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2pt;'><font face="Arial"><font size=1><b>Texas
          &#151; 0.7%</b></font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>&nbsp;</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Harris
          County, TX, Health Facilities Development Corp. Revenue:</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>A-1+</font></font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Special
          Facilities, Texas Medical Center Project, MBIA-Insured,</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" valign=top style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2.740%
          due 11/1/05</font></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>500,000</font></font></p>
      </td>
      <td width="4" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>600,000</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p>
      </td>
      <td width="9" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="401" style='background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>St.
          Luke&#146;s Episcopal Hospital, Series B, BPA, 2.720% due 11/1/05</font></font></p>
      </td>
      <td width="14" style='background:#FFFDED;' height="15">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>600,000</font></font></p>
      </td>
      <td width="4" style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="9" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1><b>Total
          Texas</b></font></font></p>
      </td>
      <td width="14" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="63" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1,100,000</font></font></p>
      </td>
      <td width="4" style='border-top:solid #FFE503 .5pt;border-left: none;border-bottom:solid #FFE503 .5pt;border-right:none;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>14</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;'>
      <td colspan="11" style='background:#FFE503;height:.25in;'>
        <p style='margin-left:.05in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font color="#FFFFFF"><b><font size=2>Schedule
          of Investments (October 31, 2005) (continued)</font></b></font></font></p></td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td WIDTH=49 colspan="2" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Face</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Amount</font></b></font></font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Rating&#135;</font></b></font></font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Security</font></b></font></font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td WIDTH=75 colspan="2" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Value</font></b></font></font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width=49 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td width=75 colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;background:#FFFDED;' height="3">
      </td>
      <td valign=bottom style='border-bottom:solid #FFE503 1.5pt; background:#FFFDED;' height="3">
      </td>
    </tr>
    <tr>
      <td WIDTH=532 colspan="7" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:5.01pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Virginia
          &#151; 0.2%</font></b></font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td WIDTH=75 colspan="2" valign=bottom style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=top style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p></td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;300,000</font></font></p></td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>A-1+</font></font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Roanoke,
          VA, IDA Hospital Revenue, Carilion Health Systems, Series B,</font></font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=middle style=' border-bottom:solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align: left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>SPA-JPMorgan
          Chase Bank, 2.740% due 11/1/05</font></font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td WIDTH=75 colspan="2" valign=middle style=' border-bottom:solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300,000</font></font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=middle style=' background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font SIZE=1>TOTAL
          SHORT-TERM INVESTMENTS</font></b></font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr valign="top">
      <td WIDTH=16 colspan="2" style=' border-bottom:solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(Cost
          &#151; $5,660,000)</font></font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>5,660,000</font></b></font></p></td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=top style=' background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=top style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:.5pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>TOTAL
          INVESTMENTS &#151; 98.0%</font></b></font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:.5pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=middle style=' border-bottom:solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(Cost
          &#151; $165,062,387#)</font></font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>163,545,456</font></b></font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=middle style=' border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Other
          Assets in Excess of Liabilities &#151; 2.0%</font></font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>3,370,821</font></font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td WIDTH=16 colspan="2" valign=middle style=' border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:2pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:2pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:2pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:2pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align: left;margin-top:0in;margin-bottom:2pt;'><font face="Arial"><b><font size=1>TOTAL
          NET ASSETS &#151; 100.0%</font></b></font></p></td>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; ' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:2pt;'><font size=1>&nbsp;</font></p></td>
      <td WIDTH=75 colspan="2" valign=middle style=' border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:2pt;'><font face="Arial"><b><font size=1>$166,916,277</font></b></font></p></td>
      <td valign=middle style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' height="18">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:2pt;'><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="11" ></td>
      <td width="1" ></td>
      <td width="38" ></td>
      <td width="12" ></td>
      <td width="32" ></td>
      <td width="11" ></td>
      <td width="321" ></td>
      <td width="11" ></td>
      <td width="11" ></td>
      <td width="49" ></td>
      <td width="3" ></td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="19" valign=top style='padding:1.0pt 0in 0in 0in;' height="3"></td>
      <td valign=top style='padding:1.0pt 0in 0in 0in;' height="3"></td>
    </tr>
    <tr>
      <td width="19" valign=top style='padding:1.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>*
          </font></font></p></td>
      <td valign=top style='padding:1.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Non-income
          producing security. </font></font></p></td>
    </tr>
  </table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top style='padding:1.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&#135; </font></font></p></td>
        <td valign=top style='padding:1.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>All ratings are by Standard &amp; Poor&#146;s Ratings Service, unless otherwise footnoted. All ratings are unaudited.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(a)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Security is currently in default.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(b)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Pre-Refunded bonds are escrowed with government securities and/or U.S. government agency securities and are considered by the investment adviser to be triple-A rated even if issuer has not applied for new ratings.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(c)</font></p></td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(d)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>All or a portion of this is segregated for open futures contracts.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(e)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>All or a portion of this security is held at the broker as collateral for open futures contracts.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(f)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Rating by Moody&#146;s Investors Service. All ratings are unaudited.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(g)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Bonds are escrowed to maturity by government securities and/or U.S. government agency securities and are considered by the investment adviser to be triple-A rated even if issuer has not applied for new ratings.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(h)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Maturity date shown represents the mandatory tender date.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(i)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Illiquid Security.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(j)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Securities are fair valued in good faith at fair value by or under the direction of the Board of Directors (See Note 1).</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(k)</font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Variable rate demand obligations have a demand feature under which the fund could tender them back to the issuer on no more than 7 days&#146; notice. Date shown is the date of the next interest rate change.</font></font></p></td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>
        <td width="19" valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1># </font></font></p></td>
        <td valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Aggregate cost for federal income tax purposes is $165,005,687.</font></font></p></td> </tr></table>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.2in;text-align:left;'><font size="1" face="Arial">Please
    see pages 17 and 18 for definitions of ratings.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.2in;text-align:left;'><font face="Arial"><u><font size=1>Abbreviations used in this schedule:</font></u></font></p>
<p style=' margin-bottom:0pt; margin-top:3pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>AMBAC &#150; Ambac Assurance Corporation</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>CDA &#150; Community Development Authority</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>COP &#150; Certificate of Participation</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>DFA &#150; Development Finance Agency</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>EDA &#150; Economic Development Authority</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>EFA &#150; Educational Facilities Authority</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>FGIC &#150; Financial Guaranty Insurance Company</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>FHA &#150; Federal Housing Administration</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>FSA &#150; Financial Security Assurance</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>GNMA &#150; Government National Mortgage Association</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>GO &#150; General Obligation</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>HEFA &#150; Health &amp; Educational Facilities Authority</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>HFA &#150; Housing Finance Authority</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>IBC &#150; Insured Bond Certificates</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>IDA &#150; Industrial Development Authority</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>IDR &#150; Industrial Development Revenue</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>IFA &#150; Industrial Finance Agency</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>ISD &#150; Independent School District</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>LOC &#150; Letter of Credit</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>MBIA &#150; Municipal Bond Investors Assurance Corporation</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>MFH &#150; Multi-Family Housing</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>PCR &#150; Pollution Control Revenue</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>PFC &#150; Public Facilities Corporation</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>SPA &#150; Standby Bond Purchase Agreement</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.2in;text-align:left;'><font face="Arial"><font size=1>XLCA &#150; XL Capital Assurance</font></font></p>
<p style=' margin-bottom:0pt; margin-top:21pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report </font></font></p></td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>15</font></font></p></td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#e6f2f1" style='background:#E6F2F1;border-collapse:collapse;'>
    <tr style='height:15.85pt;'>
        <td width="561" style='background:#FFE503; height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font color="#FFFFFF"><b><font size=2>Schedule of Investments (October 31, 2005) (continued)</font></b></font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFE503;height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p> </td>
        <td width="34" valign=bottom style='background:#FFE503;height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:right;margin-top:0in;margin-bottom:0.5pt;'>&nbsp;</p> </td>
        <td width="17" valign=bottom style='background:#FFE503; height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.85pt;'>
        <td width="561" style='background:#FFE503; height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font COLOR="#FFFFFF"><b><font SIZE=2>SUMMARY OF INVESTMENTS BY INDUSTRY*</font></b></font></font></p> </td>
        <td width="15" style='background:#FFE503; height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p> </td>
        <td width="34" style='background:#FFE503; height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p> </td>
        <td width="17" style='background:#FFE503; height:15.85pt;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p> </td> </tr>
    <tr valign="bottom">
      <td width="561" style='background:#FFFDED; '>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Hospitals</font></font></p> </td>

      <td width="15" style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="34" style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>16.1</font></font></p> </td>

      <td width="17" style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Education</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>13.2</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Pre-Refunded</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>9.9</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Lifecare Systems</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>6.2</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Industrial Development</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5.8</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Transportation</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5.1</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Pollution Control</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>4.9</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Public Facilities</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>4.4</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Utilities</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>4.3</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Housing: Multi-Family</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2.8</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Cogeneration Facilities</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2.8</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Tobacco</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2.7</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Housing: Single-Family</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2.3</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>General Obligations</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1.8</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Water &amp; Sewer</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.8</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Escrowed to Maturity</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.8</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Government Facilities</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.6</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Tax Allocation</font></font></p> </td>
        <td width="15" valign=bottom style='background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.6</font></font></p> </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr> <tr>
        <td width="561" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
            <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Miscellaneous</font></font></p> </td>
        <td width="15" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
            <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p> </td>
        <td width="34" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>14.9</font></font></p> </td>
        <td width="17" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="middle">
      <td width="561" height="18" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p> </td>

      <td width="15" height="18" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

      <td width="34" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>100.0</font></font></p> </td>

      <td width="17" height="18" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p> </td> </tr></table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="10" valign=top style='padding:2.0pt 0in 0in 0in;' height="2"></td>
      <td valign=top style='padding:2.0pt 0in 0in 0in;' height="2" width="977"></td>
    </tr>
    <tr>
      <td width="6" valign=top style='padding:2.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">*</font></p>
      </td>
      <td valign=top style='padding:2.0pt 0in 0in 0in;' width="977">
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">As
          a percentage of total investments. Please note that Fund holdings are
          subject to change.</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:21pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>16</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
</div>
<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FCB415"><font size=3>Bond Ratings (unaudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=1>The definitions of the applicable ratings symbols are set forth below:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><font size=1>Standard &amp; Poor&#146;s Ratings Service (&#147;Standard &amp; Poor&#146;s&#148;</font><font size=1>)</font></i><i><font size=1> </font></i><font size=1>&#151; Ratings from &#147;AA&#148; to &#147;C&#148; may be modified by the addition of a plus (+) or a minus (&#150;) sign to show relative standings within the major rating categories.</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font SIZE=1>AAA</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;AAA&#148; have the highest rating assigned by Standard &amp;
          Poor&#146;s. Capacity to pay interest and repay principal is extremely
          strong.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>AA</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;AA&#148; have a very strong capacity to pay interest and
          repay principal and differ from the highest rated issue only in a small
          degree.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>A</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;A&#148; have a strong capacity to pay interest and repay
          principal although they are somewhat more susceptible to the adverse
          effects of changes in circumstances and economic conditions than debt
          in higher rated categories.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>BBB</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;BBB&#148; are regarded as having an adequate capacity to
          pay interest and repay principal. Whereas they normally exhibit adequate
          protection parameters, adverse economic conditions or changing circumstances
          are more likely to lead to a weakened capacity to pay interest and repay
          principal for bonds in this category than in higher rated categories.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font SIZE=1>BB,
          B,</font><br>
          <font SIZE=1>CCC, CC</font><br>
          <font size=1>and C</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;BB&#148;, &#147;B&#148;, &#147;CCC&#148;, &#147;CC&#148;
          and &#147;C&#148; are regarded, on balance, as predominantly speculative
          with respect to capacity to pay interest and repay principal in accordance
          with the terms of the obligation. &#147;BB&#148; represents the lowest
          degree of speculation and &#147;C&#148; the highest degree of speculation.
          While such bonds will likely have some quality and protective characteristics,
          these are outweighed by large uncertainties or major risk exposures
          to adverse conditions.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>D</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;D&#148; are in default and payment of interest and/or repayment
          of principal is in arrears.</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><font size=1>Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;</font></i><i><font size=1>)</font></i><font size=1> &#151; Numerical modifiers 1, 2 and 3 may be applied to each generic rating from &#147;Aa&#148; to &#147;C,&#148; where 1 is the highest and 3 the lowest ranking within its generic category.</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>Aaa</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;Aaa&#148; are judged to be of the best quality. They carry
          the smallest degree of investment risk and are generally referred to
          as &#147;gilt edge.&#148; Interest payments are protected by a large
          or by an exceptionally stable margin and principal is secure. While
          the various protective elements are likely to change, such changes as
          can be visualized are most unlikely to impair the fundamentally strong
          position of such issues.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>Aa</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;Aa&#148; are judged to be of high quality by all standards.
          Together with the &#147;Aaa&#148; group they comprise what are generally
          known as high grade bonds. They are rated lower than the best bonds
          because margins of protection may not be as large as in &#147;Aaa&#148;
          securities or fluctuation of protective elements may be of greater amplitude
          or there may be other elements present which make the long-term risks
          appear somewhat larger than in &#147;Aaa&#148; securities.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>A</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;A&#148; possess many favorable investment attributes and
          are to be considered as upper medium grade obligations. Factors giving
          security to principal and interest are considered adequate but elements
          may be present which suggest a susceptibility to impairment some time
          in the future.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>Baa</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;Baa&#148; are considered as medium grade obligations, i.e.,
          they are neither highly protected nor poorly secured. Interest payments
          and principal security appear adequate for the present but certain protective
          elements may be lacking or may be characteristically unreliable over
          any great length of time. Such bonds lack outstanding investment characteristics
          and in fact have speculative characteristics as well.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>Ba</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;Ba&#148; are judged to have speculative elements; their
          future cannot be considered as well assured. Often the protection of
          interest and principal payments may be very moderate and therefore not
          well safeguarded during both good and bad times over the future. Uncertainty
          of position characterizes bonds in this class.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>B</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;B&#148; are generally lacking characteristics of desirable
          investments. Assurance of interest and principal payments or of maintenance
          of other terms of the contract over any long period of time may be small.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>Caa</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;Caa&#148; are of poor standing. These may be in default,
          or present elements of danger may exist with respect to principal or
          interest.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>Ca</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;Ca&#148; represent obligations which are speculative in
          a high degree. Such issues are often in default or have other marked
          short-comings.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font SIZE=1>C</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Bonds
          rated &#147;C&#148; are the lowest rated class of bonds and issues so
          rated can be regarded as having extremely poor prospects of ever attaining
          any real investment standing.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:4pt;margin-bottom: 0in;'><font SIZE=1>NR</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin:0in;text-indent:0pt;text-align:center;margin-top:4pt;margin-bottom:.0001pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4pt;margin-bottom:0pt;'><font size=1>Indicates
          that the bond is not rated by Standard &amp; Poor&#146;s or Moody&#146;s.</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FCB415"><font size=1>Municipal High Income Fund Inc.</font></font></font><font size=2> </font><font face="Arial"><font size=1>2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>17</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FCB415"><font size=3>Short-Term Security Ratings (unaudited)</font></font></font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font SIZE=1>SP-1</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0in;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>Standard
          &amp; Poor&#146;s highest rating indicating very strong or strong capacity
          to pay principal and interest; those issues determined to possess overwhelming
          safety characteristics are denoted with a plus (+) sign.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>A-1</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Standard
          &amp; Poor&#146;s highest commercial paper and variable-rate demand
          obligation (VRDO) rating indicating that the degree of safety regarding
          timely payment is either overwhelming or very strong; those issues determined
          to possess overwhelming safety characteristics are denoted with a plus
          (+) sign.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>VMIG
          1</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Moody&#146;s
          highest rating for issues having a demand feature &#151; VRDO.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>MIG
          1</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Moody&#146;s
          highest rating for short-term municipal obligations.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>P-1</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Moody&#146;s
          highest rating for commercial paper and for VRDO prior to the advent
          of the VMIG 1 rating.</font></p>
      </td>
    </tr>
    <tr>
      <td width="51" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>F-1</font></p>
      </td>
      <td width="20" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt;'><font size=1>&#151;</font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>Moody&#146;s
          highest rating indicating the strongest capacity for timely payment
          of financial commit&#173;ments; those issues determined to possess overwhelming
          strong credit features are denoted with a plus (+) sign.</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:80pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>18</font></font></p> </td>
        <td width="585" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FCB415"><font size=1>Municipal High Income Fund Inc.</font></font></font><font size=2> </font><font face="Arial"><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;'>
      <td width="772" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font color="#FFFFFF"><b><font size=2><a name="bk05"></a>Statement
          of Assets and Liabilities (October 31, 2005)</font></b></font></font></p>
      </td>
      <td width="116" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
      <td width="13" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
      <td width="60" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
      <td width="15" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772" height="15">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>ASSETS:</b></font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Investments,
          at value (Cost &#151; $165,062,387)</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">$</font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">163,545,456</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Interest
          receivable</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">3,625,675</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Receivable
          for securities sold</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">1,141,693</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr valign="top">
      <td height="15" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Prepaid
          expenses</font></p>
      </td>
      <td width="116" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">5,535</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr style='height:18pt;'>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>Total
          Assets</b></font></p>
      </td>
      <td width="116" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1"><b>168,318,359</b></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED;' width="772">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font face="Arial" size="1"><b>LIABILITIES:</b></font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Payable
          for securities purchased</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">1,042,590</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Payable
          to broker &#151; variation margin on open futures contracts</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">62,500</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Investment
          advisory fee payable</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">56,649</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Distributions
          payable</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">54,251</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Due
          to custodian</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">28,627</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Administration
          fee payable</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">21,245</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr valign="top">
      <td style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' width="772" height="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Accrued
          expenses</font></p>
      </td>
      <td width="116" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">136,220</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr style='height:18pt;'>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>Total
          Liabilities</b></font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; ' width="116">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; ' width="13">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; ' width="60">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>1,402,082</b></font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:18pt; ' width="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
    </tr>
  <tr style='height:18pt;'>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="772">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>Total
          Net Assets</b></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="116">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="13">
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1"><b>$</b></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="60">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>166,916,277</b></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
    </tr>


        <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font face="Arial" size="1"><b>NET
          ASSETS:</b></font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Par
          value (Note 4)</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">$</font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">210,022</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Paid-in
          capital in excess of par value</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">192,320,568</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Undistributed
          net investment income</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">67,437</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='background:#FFFDED; ' width="772">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Accumulated
          net realized loss on investments and futures contracts</font></p>
      </td>
      <td width="116" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">(26,194,272</font></p>
      </td>
      <td width="15" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' width="772" height="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Net
          unrealized appreciation on investments and futures contracts</font></p>
      </td>
      <td width="116" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="13" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1><font size="1"></font></font></p>
      </td>
      <td width="60" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1">512,522</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1><font size="1"></font></font></p>
      </td>
    </tr>
  <tr style='height:18pt;'>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="772">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>Total
          Net Assets</b></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="116">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="13">
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1"><b>$</b></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="60">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>166,916,277</b></font></p>
      </td>
      <td style='border-bottom:solid #FFFFFF .5pt; background:#FFFDED; height:18pt; ' width="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
    </tr>
   <tr >
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;' width="772" height="20">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>Shares
          Outstanding</b></font></p>
      </td>
      <td width="116" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1"><b>21,002,201</b></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;' width="772">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1"><b>Net
          Asset Value</b></font></p>
      </td>
      <td width="116" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1"></font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial" size="1"><b>$7.95</b></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size="1"></font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p></td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>19</font></font></p></td></tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;'>
      <td width="814" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font color="#FFFFFF"><b><font size=2><a name="bk06"></a>Statement
          of Operations (For the year ended October 31, 2005)</font></b></font></font></p>
      </td>
      <td width="93" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
      <td width="14" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
      <td width="69" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
      <td width="10" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td style='background:#FFFDED; height:12.95pt;' width="814">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font SIZE=1>INVESTMENT
          INCOME:</font></b></font></p>
      </td>
      <td width="93" style='background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="10" style='background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' width="814" height="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Interest</font></font></p>
      </td>
      <td width="93" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><FONT FACE="Arial" SIZE="1"><B>$</B> </FONT></p>
      </td>
      <td width="69" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>10,965,860&nbsp;</font></b></font></p>
      </td>
      <td width="10" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td style=' background:#FFFDED;height:12.95pt;' width="814">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font SIZE=1>EXPENSES:</font></b></font></p>
      </td>
      <td width="93" style=' background:#FFFDED;height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style=' background:#FFFDED;height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style=' background:#FFFDED;height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="10" style=' background:#FFFDED;height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Investment
          advisory fee (Note 2)</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>665,684&nbsp;
          </font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Administration
          fee (Note 2)</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>325,761&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Legal
          fees</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>122,774&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Transfer
          agent fees</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>69,928&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Directors&#146;
          fees</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>65,784&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Shareholder
          reports</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>62,632&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Audit
          and tax</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>33,576&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Custody
          fees</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>28,513&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Stock
          exchange listing fees</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>17,897&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Insurance</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>4,220&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Miscellaneous
          expenses</font></font></p>
      </td>
      <td width="93" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>22,732&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td width="814" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Expenses</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>1,419,501&nbsp;</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;' width="814">
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Net
          Investment Income</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>9,546,359&nbsp;</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:5.5pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom: 0in;'><font face="Arial"><b><font SIZE=1>REALIZED
          AND UNREALIZED GAIN (LOSS) ON INVESTMENTS<br>
          <font face="Arial"><b><font size=1>AND FUTURES CONTRACTS (NOTES 1 AND
          3):</font></b></font></font></b></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Net
          Realized Loss From:</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Investments</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>(5,722,240)</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Futures
          contracts</font></font></p>
      </td>
      <td width="93" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>(3,908,684)</font></font></p>
      </td>
      <td width="10" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td width="814" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Net
          Realized Loss</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>(9,630,924)</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Change
          in Net Unrealized Appreciation/Depreciation From:</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=bottom style='background:#FFFDED; '>
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Investments</font></font></p>
      </td>
      <td width="93" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=bottom style='background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=bottom style='background:#FFFDED; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>7,992,564&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr>
      <td width="814" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;' height="15">
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Futures
          contracts</font></font></p>
      </td>
      <td width="93" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
      <td width="14" valign=top style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1></font></p>
      </td>
      <td width="69" valign=top style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><font size=1>3,748,203&nbsp;</font></font></p>
      </td>
      <td width="10" valign=bottom style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'><font size=1></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td width="814" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Change
          in Net Unrealized Appreciation/Depreciation</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>11,740,767&nbsp;</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td width="814" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><b><font size=1>Increase
          From Payment by Affiliate (Note 2)</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>80,000&nbsp;</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td width="814" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><b><font size=1>Net
          Gain on Investments and Futures Contracts</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>2,189,843&nbsp;</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
    <tr style='height:12.95pt;'>
      <td width="814" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><b><font size=1>Increase
          in Net Assets From Operations</font></b></font></p>
      </td>
      <td width="93" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
      <td width="14" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><b><font size=1>$</font></b></font></p>
      </td>
      <td width="69" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:.0pt;'><font face="Arial"><b><font size=1>11,736,202&nbsp;</font></b></font></p>
      </td>
      <td width="10" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0pt;'>&nbsp;</p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>20</font></font></p></td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p></td></tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%"  style='border-collapse:collapse;'>
    <tr style='height:.25in;' valign="middle">
      <td colspan="8" style='background:#FFE503; height:.25in;'>
        <p style='margin-left:.05in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;</font><b><font size=2>S<a name="bk07"></a>tatements
          of Changes in Net Assets (For the years ended October 31,)</font></b></font></font></p>
      </td>
    </tr>
    <tr valign="middle" style='margin-top:10.0pt;' bgcolor="#FFFDED">
      <td style='border-bottom: solid #FFE503 1.5pt;' width="715">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="31" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><font color="#FFE503"><b>2005</b></font></font></p>
      </td>
      <td width="28" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><font color="#FFE503"><b>2004</b></font></font></p>
      </td>
      <td width="16" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>OPERATIONS:</b></font></p>
      </td>
      <td width="31" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="28" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="58" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="20" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Net
          investment income</font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">$</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">9,546,359</font></p>
      </td>
      <td width="28" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">$</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">10,680,564</font></p>
      </td>
      <td width="20" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Net
          realized loss</font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">(9,630,924</font></p>
      </td>
      <td width="28"  align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">)</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">(9,575,626</font></p>
      </td>
      <td width="20" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">)</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Change
          in net unrealized appreciation/depreciation</font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">11,740,767</font></p>
      </td>
      <td width="28"  align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">8,470,935</font></p>
      </td>
      <td width="20" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:.15in;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt; height:.15in;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Increase
          from payment by affiliate</font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">80,000</font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt; height:.15in;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&#151;</font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>Increase
          in Net Assets From Operations</b></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>11,736,202</b></font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>9,575,873</b></font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>DISTRIBUTIONS
          TO SHAREHOLDERS FROM (NOTE 1):</b></font></p>
      </td>
      <td width="31" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="28"  align="left">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="20" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Net
          investment income</font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">(9,429,988</font></p>
      </td>
      <td width="28"  align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">)</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">(11,184,964</font></p>
      </td>
      <td width="20" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>)</b></font></p>
      </td>
    </tr>
    <tr style='height:.15in;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt; height:.15in;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">In
          excess of net investment income </font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&#151;</font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt; height:.15in;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">(112,227</font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>)</b></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>Decrease
          in Net Assets From Distributions to Shareholders</b></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>(9,429,988</b></font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">)</font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>(11,297,191</b></font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>)</b></font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>FUND
          SHARE TRANSACTIONS (NOTE 4):</b></font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="28"  align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="20" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:.15in;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt; height:.15in;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Reinvestment
          of distributions</font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">&#151;</font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt; height:.15in;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">524,962</font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>Increase
          in Net Assets From Fund Share Transactions</b></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>&#151;</b></font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>524,962</b></font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>Increase
          (Decrease) in Net Assets</b></font></p>
      </td>
      <td width="31">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" valign="bottom" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>2,306,214</b></font></p>
      </td>
      <td width="28"  align="left" valign="bottom">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="41" valign="bottom" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="65" valign="bottom" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>(1,196,356</b></font></p>
      </td>
      <td width="20" valign="bottom" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>)</b></font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td  width="715">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>NET
          ASSETS:</b></font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="28"  align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="20" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
    </tr>
    <tr style='height:.15in;' valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt; height:.15in;' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">Beginning
          of year</font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">164,610,063</font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt; height:.15in;' align="left">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">165,806,419</font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt; height:.15in;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid white 2.25pt; ' width="715">
        <p style='margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>End
          of year*</b></font></p>
      </td>
      <td width="31" style='border-bottom:solid white 2.25pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="43" style='border-bottom:solid white 2.25pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>$</b></font></p>
      </td>
      <td width="60" style='border-bottom:solid white 2.25pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>166,916,277</b></font></p>
      </td>
      <td width="28" style='border-bottom:solid white 2.25pt; ' align="left">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
      <td width="41" style='border-bottom:solid white 2.25pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>$</b></font></p>
      </td>
      <td width="65" style='border-bottom:solid white 2.25pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1"><b>164,610,063</b></font></p>
      </td>
      <td width="20" style='border-bottom:solid white 2.25pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td style='border-bottom:solid #FFE503 .5pt; ' width="715">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">*Includes
          undistributed net investment income of:</font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="43" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1"><font size="1"><font face="Arial, Helvetica, sans-serif"></font></font></font></font></p>
      </td>
      <td width="60" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">$67,437</font></p>
      </td>
      <td width="28" style='border-bottom:solid #FFE503 .5pt; ' align="left">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="41" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="65" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial, Helvetica, sans-serif" size="1">$132,824</font></p>
      </td>
      <td width="20" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:18pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font></font><font size=2> </font><font face="Arial"><font size=1>2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>21</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div></div>


<div style='width:600;'>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr style='height:.25in;'>

      <td width="625" style='background:#FFE503; height:.25in;' valign="middle">
        <p style='margin-left:.05in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFFFFF"><font size=2>&nbsp;</font><b><font size=2>F<a name="bk08"></a>inancial
          Highlights</font></b></font></font></p>

      </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><font size=2>For a share of capital stock outstanding throughout each year ended October 31:</font></i></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr bgcolor="#FFFDED">
      <td width="11" valign=top style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;' width="731">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="22" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="31" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr bgcolor="#FFFDED">
      <td width="11" valign=top style='border-bottom:solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt; ' height="20" width="731">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="22" valign=bottom style='border-bottom: solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td height="20" colspan="2" valign=middle style=' border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>2005</font></b></font></font></p>
      </td>
      <td width="38" valign=middle style='border-bottom: solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=middle style='border-bottom: solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td height="20" colspan="2" valign=middle style=' border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>2004</font></b></font></font></p>
      </td>
      <td width="13" valign=middle style='border-bottom: solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=middle style='border-bottom:solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td height="20" colspan="2" valign=middle style=' border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>2003</font></b></font></font></p>
      </td>
      <td width="11" valign=middle style='border-bottom:solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=middle style='border-bottom: solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td height="20" colspan="2" valign=middle style=' border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>2002</font></b></font></font></p>
      </td>
      <td width="31" valign=middle style='border-bottom:solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" valign=middle style='border-bottom:solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td height="20" colspan="2" valign=middle style=' border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>2001</font></b></font></font></p>
      </td>
      <td width="25" valign=bottom style='border-bottom: solid #FFE503 1.5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Net
          Asset Value, Beginning of Year</font></b></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.84</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.92</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.16</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.67</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.86</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Income
          (Loss) From Operations:</font></b></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="31" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="731">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Net
          investment income</font></font></p>
      </td>
      <td width="22" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.45</font></font></p>
      </td>
      <td width="38" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.51</font></font></p>
      </td>
      <td width="13" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.57</font></font></p>
      </td>
      <td width="11" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.58</font></font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><sup><font size=1>(1)</font></sup></font></p>
      </td>
      <td width="13" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.59</font></font></p>
      </td>
      <td width="25" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; ' width="731" height="20">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Net
          realized and unrealized gain (loss)</font></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.11</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.05</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.25</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.52</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font><font size=1><sup>(1)</sup></font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.20</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' height="20">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Total
          Income From Operations</font></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.56</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.46</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.32</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.06</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.39</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Less
          Distributions From:</font></b></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="24">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="25">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="25">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="34">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="31" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="36">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="731">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Net
          investment income</font></font></p>
      </td>
      <td width="22" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.45</font></font></p>
      </td>
      <td width="38" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.53</font></font></p>
      </td>
      <td width="13" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.56</font></font></p>
      </td>
      <td width="11" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.57</font></font></p>
      </td>
      <td width="31" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="13" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.58</font></font></p>
      </td>
      <td width="25" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr valign="top" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; ' width="731" height="15">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>In
          excess of net investment income</font></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&#151;</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.01</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&#151;</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&#151;</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&#151;</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' height="15">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Total
          Distributions</font></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.45</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.54</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.56</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.57</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(0.58</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Net
          Asset Value, End of Year</font></b></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.95</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.84</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.92</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.16</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.67</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Market
          Price, End of Year</font></b></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.10</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.39</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.65</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.68</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>8.64</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;' width="731" height="25">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Return, Based on Net Asset Value</font></b><font size=1><sup><b>(2)</b></sup></font></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.82</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%<sup>(3)</sup></font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6.32</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>4.42</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.91</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>4.77</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:none;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Total
          Return, Based on Market </font></b></font></p>
      </td>
      <td width="22" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="31" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:none;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Price
          Per Share<sup>(2)</sup></font></b></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>2.16</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1></font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>3.76</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1></font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.17</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1></font></font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(4.70</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)%</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1></font></font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>13.85</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Net
          Assets, End of Year (millions)</font></b></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>167</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>165</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>166</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>171</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>180</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt;  height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td  width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Ratios
          to Average Net Assets:</font></b></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="31" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="13" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style=' height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style=' height:12.95pt;' width="731">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Expenses</font></font></p>
      </td>
      <td width="22" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.85</font></font></p>
      </td>
      <td width="38" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.80</font></font></p>
      </td>
      <td width="13" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.80</font></font></p>
      </td>
      <td width="11" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.80</font></font></p>
      </td>
      <td width="31" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="13" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style=' height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>0.82</font></font></p>
      </td>
      <td width="25" style=' height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
    </tr>
    <tr valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; ' valign="middle" width="731">
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Net
          investment income</font></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>5.74</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6.47</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7.13</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6.84</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; ' valign="top">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(1)</font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>6.74</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; ' valign="middle">
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr style='height:12.95pt;' valign="middle" bgcolor="#FFFDED">
      <td width="11" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom:solid #FFE503 .5pt; height:12.95pt;' width="731">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Portfolio
          Turnover Rate</font></b></font></p>
      </td>
      <td width="22" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="24" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>39</font></font></p>
      </td>
      <td width="38" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="6" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>33</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>28</font></font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="15" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="34" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>33</font></font></p>
      </td>
      <td width="31" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
      <td width="13" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="36" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>15</font></font></p>
      </td>
      <td width="25" style='border-bottom:solid #FFE503 .5pt; height:12.95pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
      </td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="16" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(1)</font></p>
      </td>
      <td valign=top width="971" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Effective
          November 1, 2001, the Fund adopted a change in the accounting method
          that requires the Fund to amortize premiums and accrete all discounts.
          Without the adoption of this change, for the year ended October 31,
          2002, the ratio of net investment income to average net assets would
          have been 6.80%. The impact of this change to net investment income
          and net realized and unrealized loss was less than $0.01 per share.
          Per share information, ratios and supplemental data for the periods
          prior to November 1, 2001 have not been restated to reflect this change
          in presentation.</font></font></p>
      </td>
    </tr>
    <tr>
      <td width="16" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(2)</font></p>
      </td>
      <td valign=top width="971" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>The
          total return calculation assumes that dividends are reinvested in accordance
          with the Fund&#146;s dividend reinvestment plan. Past performance is
          no guarantee of future results. Total returns for periods of less than
          one year are not annualized.</font></font></p>
      </td>
    </tr>
    <tr>
      <td width="16" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(3)</font></p>
      </td>
      <td valign=top width="971" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>The
          investment adviser fully reimbursed the Fund for losses incurred resulting
          from an investment transaction error. Without this reimbursement, the
          total return would have been the same.</font></font></p>
      </td>
    </tr>
  </table>
  <br>
  <p style=' margin-bottom:0pt; margin-top:18pt;text-align:center;'><b><font size=1>See Notes to Financial Statements.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>22</font></font></p> </td>
        <td width="585" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font></font><font size=2> </font><font face="Arial"><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>



<div style='width:600;'>
</div>
<div style='width:600;'>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font color="#FFE503"><font size="3" face="Arial, Helvetica, sans-serif">N<a name="bk09"></a>otes
    to Financial Statements</font></font></p>
<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.36in; text-indent:-0.36in;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>1.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2>Organization and Significant Accounting Policies</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Municipal High Income Fund Inc. (the &#147;Fund&#148;) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;).</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (&#147;GAAP&#148;). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>(a)
    Investment Valuation.</font></b><font size=2>&nbsp;&nbsp;Securities are valued at the
    mean between the bid and asked prices provided by an independent pricing service
    that are based on transactions in municipal obligations, quotations from municipal
    bond dealers, market transactions in comparable securities and various relationships
    between securities. Securities for which market quotations are not readily
    available or where market quotations are determined not to reflect fair value,
    will be valued in good faith by or under the direction of the Fund&#146;s
    Board of Directors. Short-term obligations with maturities of 60 days or less
    are valued at amortized cost, which approximates value.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>(b) Financial Futures Contracts.</font></b><font size=2>&nbsp;&nbsp; The Fund may enter into financial futures contracts typically to hedge a portion of the portfolio. Upon entering into a financial futures contract, the Fund is required to deposit cash or securities as initial margin. Additional securities are also segregated up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund&#146;s basis in the contracts. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>(c) Security Transactions and Investment Income.</font></b><font size=2>&nbsp;&nbsp; Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Fund&#146;s policy is to generally halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>23</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Notes to Financial Statements (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><b><font size=2>(d) Credit and Market Risk.</font></b><font size=2> &nbsp;&nbsp;The Fund invests in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit risk. The Fund&#146;s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>(e) Distributions to Shareholders.</font></b><font size=2>&nbsp;&nbsp; Distributions from net investment income for the Fund, if any, are declared and paid on a monthly basis. The Fund intends to satisfy conditions that will enable interest from municipals securities, which is exempt from federal income tax and from certain state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Fund. Distributions of net realized gains, if any, are declared at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>(f) Federal and Other Taxes.</font></b><font size=2> &nbsp;&nbsp;It is the Fund&#146;s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute substantially all of its taxable income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Fund&#146;s financial statements. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>(g) Reclassification.</font></b><font size=2> &nbsp;&nbsp;GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH=128 colspan="3" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Undistributed
          Net</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Tax-Exempt Income</b></font></font></font></p>
      </td>
      <td width="35" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH=206 colspan="3" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Undistributed
          Realized Gains/</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Accumulated Net Realized
          Gain</b></font></font></font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td WIDTH=162 colspan="3" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Paid-in
          Capital</b></font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style='margin-left:15.85pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0in;'><font style='font-family:Arial;font-size:8px;'>(a)</font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="12" valign=bottom >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$2</font></font></p>
      </td>
      <td width="40" valign=bottom >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="35" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="66" valign=bottom >
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-bottom:.0001pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="38" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>399,613</font></font></p>
      </td>
      <td width="98" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="61" valign=bottom >
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-bottom:.0001pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="38" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(399,615</font></font></p>
      </td>
      <td width="55" valign=bottom >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:15.85pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-family:Arial;font-size:8px;'>(b)</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="12" valign=bottom style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="76" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(181,760</font></font></p>
      </td>
      <td width="40" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
      <td width="35" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="66" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>181,760</font></font></p>
      </td>
      <td width="98" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="61" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="38" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>&#151;</font></font></p>
      </td>
      <td width="55" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="20" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(a)</font></p>
      </td>
      <td valign=top style='padding:1.0pt 0in 0in 0in;' height="12">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Reclassifications
          are primarily due to the expiration of a capital loss carryover.</font></font></p>
      </td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
      <td width="20" valign=top style='padding:0.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(b)</font></p>
      </td>
      <td valign=top style='padding:1.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Reclassifications
          are primarily due to differences between book and tax amortization of
          market discount on fixed income securities and book/tax differences
          in the treatment of various items.</font></font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:15pt; margin-left:0.2in; text-indent:-0.2in;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>2.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2>Investment Advisory Agreement, Administration Agreement and Other Transactions with Affiliates</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Smith Barney Fund Management LLC (&#147;SBFM&#148;), an indirect wholly-owned subsidiary of Citigroup Inc. (&#147;Citigroup&#148;), acts as investment adviser to the Fund. The Fund pays SBFM an investment advisory fee calculated at an annual rate of 0.40% of the Fund&#146;s average daily net assets. SBFM also acts as the administrator of the Fund for which it received a fee calculated at an annual rate of 0.20% of the Fund&#146;s average daily net assets through September 30, 2005. Effective October 1, 2005, SBFM receives an administration fee calculated at an annual rate of 0.15% of the Fund&#146;s average daily net assets. These fees are calculated daily and paid monthly.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>24</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Notes to Financial Statements (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>During the year ended October 31, 2005, SBFM reimbursed the Fund in the amount of $80,000 for losses incurred resulting from an investment transaction error.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Certain officers and one Director of the Fund are employees of Citigroup or its affiliates and do not receive compensation from the Fund.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>See Note 7 for changes to affiliated agreements and transactions subsequent to year end.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.36in; text-indent:-0.36in;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>3.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2>Investments </font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font size=2>During the year ended October 31, 2005, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr valign="middle">
      <td width="557" height="15" style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503 .5pt;border-right:none; '>
        <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-bottom:0in;'><font face="Arial"><font size=1>Purchases</font></font></p>
      </td>
      <td width="9" height="15" style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503 .5pt;border-right:none; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="54" height="15" style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503 .5pt;border-right:none; '>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font size=1>62,339,399</font></font></p>
      </td>
      <td width="5" height="15" style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503 .5pt;border-right:none; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="557" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-bottom:0in;'><font face="Arial"><font size=1>Sales</font></font></p>
      </td>
      <td width="9" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="54" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font size=1>67,406,025</font></font></p>
      </td>
      <td width="5" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>At October 31, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td width="881" valign=bottom style='border-top:solid #FFE503 1.5pt; '>
        <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial"><font size=1>Gross
          unrealized appreciation</font></font></p>
      </td>
      <td width="47" valign=bottom style='border-top:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" valign=bottom style='border-top:solid #FFE503 1.5pt; '>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font size=1>7,653,195</font></font></p>
      </td>
      <td width="9" valign=bottom style='border-top:solid #FFE503 1.5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="881" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-bottom:0in;'><font face="Arial"><font size=1>Gross
          unrealized depreciation</font></font></p>
      </td>
      <td width="47" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font size=1>(9,113,426</font></font></p>
      </td>
      <td width="9" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="881" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:.1in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial"><font size=1>Net
          unrealized depreciation</font></font></p>
      </td>
      <td width="47" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:.0001pt;'><font face="Arial"><font size=1>(1,460,231</font></font></p>
      </td>
      <td width="9" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>At October 31, 2005, the Fund had the following open futures contracts:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;' width="560">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="13" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Number
          of</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Contracts</b></font></font></font></p>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="65" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Expiration</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Date</b></font></font></font></p>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Basis</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Value</b></font></font></font></p>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Market</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Value</b></font></font></font></p>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Unrealized</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Gain</b></font></font></font></p>
      </td>
      <td width="18" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="560" >
        <p style='margin-left:15.85pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Contracts
          to Sell:</font></b></font></p>
      </td>
      <td width="13" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="47" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="47" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="49" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="7" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="18" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td height="15" style='border-bottom: solid #FFE503 .5pt;' width="560">
        <p style='margin-left:15.85pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font face="Arial"><font size=1>U.S.
          Treasury 20 Year Bond</font></font></p>
      </td>
      <td width="13" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial"><font size=1>400</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial"><font size=1>12/05</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" height="15" style='border-bottom:solid #FFE503 .5pt; ' align="right">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="47" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>46,816,953</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="47" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>44,787,500</font></font></p>
      </td>
      <td width="14" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="15" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="49" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>2,029,453</font></font></p>
      </td>
      <td width="7" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="18" height="15" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.36in; text-indent:-0.36in;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>4. Capital Shares</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font size=2>At October 31, 2005, the Fund had 500,000,000 shares of capital stock authorized with a par value of $0.01 per share.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Capital stock transactions were as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="14" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="100" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Year
          Ended</b></font><font face="Arial, Helvetica, sans-serif" size="1"><br>
          <font color="#FFE503"><b>October 31, 2005</b></font></font></p>
      </td>
      <td width="44" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="102" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif" size="1"><b>Year
          Ended</b></font><font face="Arial, Helvetica, sans-serif" size="1"><br>
          <font color="#FFE503"><b>October 31, 2004</b></font></font></p>
      </td>
      <td width="44" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:15.85pt;text-indent:-8.65pt;text-align:left;margin-bottom:0.5pt;'><font size="1" face="Arial, Helvetica, sans-serif">Shares
          issued on reinvestment</font></p>
      </td>
      <td width="14" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="100" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></p>
      </td>
      <td width="44" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="102" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">67,379</font></p>
      </td>
      <td width="44" height="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<br>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>25</font></font></p> </td> </tr></table>
</div>
<br>
<br>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Notes to Financial Statements (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>5. Income Tax Information and Distributions to Shareholders</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:left;'><font size=2>Subsequent to the fiscal year end, the Fund has made the following distribution:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Record</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Date</b></font></font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="127" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Payable</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Date</b></font></font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="184" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Per</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Share</b></font></font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;' height="3"></td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="127" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="184" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
    </tr>
    <tr>
      <td valign=middle style='border-bottom: solid #FFE503 .5pt;' height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>11/21/05</font></font></p>
      </td>
      <td width="16" valign=middle style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="127" valign=middle style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>11/25/05</font></font></p>
      </td>
      <td width="16" valign=middle style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="184" valign=middle style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$0.0340</font></font></p>
      </td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The tax character of distributions paid during the fiscal years ended October 31, were as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;' width="749">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="65" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>2005</b></font></font></p>
      </td>
      <td width="119" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>2004</b></font></font></p>
      </td>
      <td width="67" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="749" >
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Distributions
          paid from:</font></font></p>
      </td>
      <td width="65" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="119" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="53" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="67" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="749" >
        <p style='margin-left:20.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Tax-Exempt
          Income</font></font></p>
      </td>
      <td width="65" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="46" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>9,297,683</font></font></p>
      </td>
      <td width="119" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="53" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>11,164,443</font></font></p>
      </td>
      <td width="67" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.0pt;' width="749">
        <p style='margin-left:20.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Ordinary
          Income</font></font></p>
      </td>
      <td width="65" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503 1.0pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>132,305</font></font></p>
      </td>
      <td width="119" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503 1.0pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="53" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>132,748</font></font></p>
      </td>
      <td width="67" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.0pt;' width="749">
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Total
          Taxable Distributions</font></font></p>
      </td>
      <td width="65" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503 1.0pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="46" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>132,305</font></font></p>
      </td>
      <td width="119" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503 1.0pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="53" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>132,748</font></font></p>
      </td>
      <td width="67" valign=bottom style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503  .5pt;' width="749">
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Total
          Distributions Paid</font></font></p>
      </td>
      <td width="65" valign=bottom style='border-bottom: solid #FFE503  .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503  .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="46" valign=bottom style='border-bottom: solid #FFE503  .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>9,429,988</font></font></p>
      </td>
      <td width="119" valign=bottom style='border-bottom: solid #FFE503  .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503  .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="53" valign=bottom style='border-bottom: solid #FFE503  .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>11,297,191</font></font></p>
      </td>
      <td width="67" valign=bottom style='border-bottom: solid #FFE503  .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<br>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>As of October 31, 2005, the components of accumulated earnings on a tax basis were as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503  .5pt;border-right:none; '>
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Undistributed
          ordinary income</font></font></p>
      </td>
      <td width="15" valign=bottom style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503  .5pt;border-right:none; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503  .5pt;border-right:none; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="59" valign=bottom style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503  .5pt;border-right:none; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>99,353</font></font></p>
      </td>
      <td width="15" valign=bottom style='border-top:solid #FFE503 1.5pt; border-left:none;border-bottom:solid #FFE503  .5pt;border-right:none; '>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Total
          undistributed earnings</font></font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>99,353</font></font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>Capital
          loss carryforward</font><font size=1><sup>*</sup></font></font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>(24,221,519</font></font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>Other
          book/tax temporary differences</font><font size=1><sup>(a)</sup></font></font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font face="Arial"><font size=1>(2,061,369</font></font></p>
      </td>
      <td width="15" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Unrealized
          appreciation</font><sup><font size=1>(b)</font></sup></font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" valign=bottom style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>569,222</font></font></p>
      </td>
      <td width="15" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td style='border-bottom: solid #FFE503  .5pt;' height="18">
        <p style='margin-left:12.25pt;text-indent:-8.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Total
          accumulated losses</font></font></p>
      </td>
      <td width="15" style='border-bottom: solid #FFE503  .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="8" style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="59" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(25,614,313</font></font></p>
      </td>
      <td width="15" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2></font></p>
<table border="0" cellspacing=0 cellpadding=0 width="72%" style=' border-collapse:collapse;'> <tr>

      <td width="10" valign=top style='padding:6.0pt 0in 0in 0in;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>*&nbsp;&nbsp;</font></p>
      </td>
        <td width="312" valign=top style='padding:6.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>The Fund had the following net capital loss carryforward remaining:</font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;' width="714">
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Year
          of</b></font></font><font size="1"><br>
          <font face="Arial"><font color="#FFE503"><b>Expiration</b></font></font></font></p>
      </td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503  1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503  1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Amount</b></font></font></p>
      </td>
      <td width="190" valign=bottom style='border-bottom: solid #FFE503  1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="714" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2007</font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="56" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(786,462</font></font></p>
      </td>
      <td width="190" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="714" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2008</font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(747,959</font></font></p>
      </td>
      <td width="190" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="714" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2009</font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(733,106</font></font></p>
      </td>
      <td width="190" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="714" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2010</font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(601,572</font></font></p>
      </td>
      <td width="190" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="714" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2011</font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(5,066,581</font></font></p>
      </td>
      <td width="190" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="714" >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2012</font></font></p>
      </td>
      <td width="16" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(10,608,178</font></font></p>
      </td>
      <td width="190" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 .5pt;' width="714">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/31/2013</font></font></p>
      </td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='border-bottom:solid #FFE503 .5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>(5,677,661</font></font></p>
      </td>
      <td width="190" valign=bottom style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td style='border-bottom: solid #FFE503 1.0pt;' width="714" height="18">
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:3pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="16" style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:3pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" style='border-bottom:solid #FFE503 1.0pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:3pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="56" style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:3pt;'><font face="Arial"><font size=1>(24,221,519</font></font></p>
      </td>
      <td width="190" style='border-bottom: solid #FFE503 1.0pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:3pt;'><font face="Arial"><font size=1>)</font></font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font face="Arial"><font size=1>These amounts will be available to offset any future taxable capital gains.</font></font></p>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>

      <td width="20" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1><sup>(a)</sup></font></font></p>
      </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Other book/tax temporary differences are attributable primarily to the realization for tax purposes of unrealized gains on certain futures contracts and differences in book/tax treatment of various items.</font></font></p> </td> </tr></table>
<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '> <tr>

      <td width="20" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1><sup>(b)</sup></font></font></p>
      </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the difference between book &amp; tax amortization methods for market discount on fixed income securities and other book/tax adjustments.</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>

      <td width="41" valign=bottom >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>26</font></font></p>
      </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Notes to Financial Statements (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>6. Regulatory Matters</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On May 31, 2005, the U.S. Securities and Exchange Commission (&#147;SEC&#148;) issued an order in connection with the settlement of an administrative proceeding against SBFM and Citigroup Global Markets Inc. (&#147;CGM&#148;) relating to the appointment of an affiliated transfer agent for the Smith Barney family of mutual funds (the &#147;Affected Funds&#148;). </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The SEC order finds that SBFM and CGM willfully violated Section 206(1) of the Investment Advisers Act of 1940 (&#147;Advisers Act&#148;). Specifically, the order finds that SBFM and CGM knowingly or recklessly failed to disclose to the boards of the Affected Funds in 1999 when proposing a new transfer agent arrangement with an affiliated transfer agent that: First Data Investors Services Group (&#147;First Data&#148;), the Affected Funds&#146; then-existing transfer agent, had offered to continue as transfer agent and do the same work for substantially less money than before; and that Citigroup Asset Management (&#147;CAM&#148;), the Citigroup business unit that, at the time,  included the fund&#146;s investment manager and other investment advisory companies, had entered into a side letter with First Data under which CAM agreed to recommend the appointment of First Data as sub-transfer
agent to the affiliated transfer agent in exchange for, among other things, a guarantee by First Data of specified amounts of asset management and investment banking fees to CAM and CGM. The order also finds that SBFM and CGM willfully violated Section 206(2) of the Advisers Act by virtue of the omissions discussed above and other misrepresentations and omissions in the materials provided to the Affected Funds&#146; boards, including the failure to make clear that the affiliated transfer agent would earn a high profit for performing limited functions while First Data continued to perform almost all of the transfer agent functions, and the suggestion that the proposed arrangement was in the Affected Funds&#146; best interests and that no viable alternatives existed. SBFM and CGM do not admit or deny any wrongdoing or liability. The settlement does not establish wrongdoing or liability for purposes of any other proceeding. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The SEC censured SBFM and CGM and ordered them to cease and desist from violations of Sections 206(1) and 206(2) of the Advisers Act. The order requires Citigroup to pay $208.1 million, including $109 million in disgorgement of profits, $19.1 million in interest, and a civil money penalty of $80 million. Approximately $24.4 million has already been paid to the Affected Funds, primarily through fee waivers. The remaining $183.7 million, including the penalty, has been paid to the U.S. Treasury and will be distributed pursuant to a plan prepared and submitted for approval by the SEC. The order also requires that transfer agency fees received from the Funds since December 1, 2004 less certain expenses be placed in escrow and provides that a portion of such fees may be subsequently distributed in accordance with the terms of the order. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The order required SBFM to recommend a new transfer agent contract to the Affected Fund boards within 180 days of the entry of the order; if a Citigroup affiliate submitted a proposal to serve as transfer agent or sub-transfer agent, SBFM and CGM would have been required, at their expense, to engage an independent monitor to oversee a competitive bidding process. On November 21, 2005, and within the specified timeframe, the Fund&#146;s Board selected a new transfer agent for the Fund. No Citigroup affiliate submitted </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>27</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Notes to Financial Statements (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>a proposal to serve as transfer agent. Under the order, SBFM also must comply with an amended version of a vendor policy that Citigroup instituted in August 2004.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>At this time, there is no certainty as to how the proceeds of the settlement will be distributed, to whom such distributions will be made, the methodology by which such distributions will be allocated, and when such distributions will be made. Although there can be no assurance, SBFM does not believe that this matter will have a material adverse effect on the Affected Funds. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><b><font size=2>This Fund is not one of the Affected Funds and therefore did not implement the transfer agent arrangement described above and therefore will not receive any portion of the distributions. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>On December 1, 2005, Citigroup completed the sale of substantially all of its global asset management business, including SBFM, to Legg Mason, Inc. (&#147;Legg Mason&#148;).</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>7. Subsequent Events</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On December 1, 2005, Citigroup completed the sale of substantially all of its asset management business, CAM to Legg Mason. As a result, the Fund&#146;s Manager, previously an indirect wholly-owned subsidiary of Citigroup, has become a wholly-owned subsidiary of Legg Mason. Completion of the sale caused the Fund&#146;s existing investment management contract to terminate. The Fund&#146;s shareholders previously approved a new investment management contract between the Fund and the Manager which became effective on December 1, 2005.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Legg Mason, whose principal executive offices are at 100 Light Street, Baltimore, Maryland 21202, is a financial services holding company. As of December 2, 2005, Legg Mason&#146;s asset management operation had aggregate assets under management of approximately $830 billion. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Effective December 1, 2005, CGM will no longer be an affiliated person of the Fund under the Investment Company Act of 1940, as amended. As a result, the Fund will be permitted to execute transactions with CGM or an affiliate of CGM as agent without the restrictions applicable to transactions with affiliated persons. Similarly, the Fund generally will be permitted to purchase securities in underwritings in which CGM or an affiliate of CGM is a member without the restrictions imposed by certain rules of the Securities and Exchange Commission. The Manager&#146;s use of CGM or affiliates of CGM as agent in portfolio transactions with the Fund will be governed by the fund&#146;s policy of seeking the best overall terms available. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Certain officers and one Director of the Fund are employees of Legg Mason or its affiliates and do not receive compensation from the fund. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The Fund&#146;s Board has approved American Stock Transfer &amp; Trust Co. (&#147;AST&#148;) to serve as transfer agent for the Fund. The principal business office of AST is located at 59 Maiden Lane, New York, NY 10038.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>28</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=4>R<a name="bk10"></a>eport of Independent Registered Public </font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=4>Accounting Firm</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>The Shareholders and Board of Directors</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Municipal High Income Fund Inc.:</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Municipal High Income Fund Inc. as of October 31, 2005, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2005, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Municipal High Income Fund Inc. as of October 31, 2005, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>
  <div align="right"><img src="sig1.jpg" width="214" height="39"><br>
  </div>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>New York, New York</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>December 16, 2005</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font color="#007070"><font size=1> </font></font><font size=1>2005 Annual Repor</font><font color="#007070"><font size=1>t </font></font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>29</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<div style='width:600;'>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FFE503"><font size="3" face="Arial, Helvetica, sans-serif">Fin<a name="bk11"></a>ancial
    Data (unaudited)</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="99%" bgcolor="#fffdef" style='background:#FFFDEF;border-collapse:collapse;'>
    <tr>
      <td colspan="2" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif"><b><font size=1>Record</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
          <font color="#FFE503"><b><font size=1>Date</font></b></font></font></p>
      </td>
      <td width="50" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif"><b><font size=1>Payable</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
          <font color="#FFE503"><b><font size=1>Date</font></b></font></font></p>
      </td>
      <td width="60" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif"><b><font SIZE=1>NYSE</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
          <font color="#FFE503"><b><font size=1>Closing&nbsp;Price*</font></b></font></font></p>
      </td>
      <td width="60" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif"><b><font size=1>Net
          Asset</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
          <font color="#FFE503"><b><font size=1>Value*</font></b></font></font></p>
      </td>
      <td width="48" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif"><b><font size=1>Dividend</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
          <font color="#FFE503"><b><font size=1>Paid</font></b></font></font></p>
      </td>
      <td width="40" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font color="#FFE503" face="Arial, Helvetica, sans-serif"><b><font size=1>Dividend</font></b></font><font face="Arial, Helvetica, sans-serif"><br>
          <font color="#FFE503"><b><font size=1>Reinvestment</font></b></font><br>
          <font color="#FFE503"><b><font size=1>Price</font></b></font></font></p>
      </td>
    </tr>
    <tr>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
      </td>
      <td width="50" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;' height="3">
      </td>
      <td width="60" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
      </td>
      <td width="60" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
      </td>
      <td width="48" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
      </td>
      <td width="40" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
      </td>
      <td colspan="2" valign=bottom style=' border-bottom:solid #FFE503 1.5pt;'>
      </td>
    </tr>
    <tr valign="middle">
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:3pt;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Fiscal
          Year 2003</font></b></font></p>
      </td>
      <td width="50" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="48" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="40" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>11/25/02</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>11/29/02</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.26</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8.12</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>$</font></font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.35</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>12/23/02</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>12/27/02</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.34</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8.11</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.42</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>1/28/03</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1/31/03</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
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      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.72</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>8/26/03</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8/29/03</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.63</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.81</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.78</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>9/23/03</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>9/26/03</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.72</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.87</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.71</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/28/03</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>10/31/03</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.70</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.91</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.73</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Fiscal
          Year 2004</font></b></font></p>
      </td>
      <td width="50" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>11/24/03</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>11/28/03</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.76</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.96</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.79</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>12/22/03</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>12/26/03</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.68</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.96</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0465</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.73</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>1/27/04</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1/30/04</font></font></p>
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      <td width="22" >
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      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0440</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.27</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>8/24/04</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8/27/04</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.28</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.77</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0440</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.36</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>9/21/04</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>9/24/04</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.31</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.78</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0420</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.37</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/26/04</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>10/29/04</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.40</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.84</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0420</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.45</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td colspan="2" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><b><font size=1>Fiscal
          Year 2005</font></b></font></p>
      </td>
      <td width="50" >
        <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>11/22/04</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>11/26/04</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.30</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.83</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0420</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.43</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>12/28/04</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>12/31/04</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.02</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.88</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0400</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.17</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>1/25/05</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
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      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.92</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0340</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.31</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>8/23/05</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8/26/05</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.25</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.93</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0340</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.30</font></font></p>
      </td>
    </tr>
    <tr valign="middle">
      <td width="125" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>9/27/05</font></font></p>
      </td>
      <td width="86" >
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>9/30/05</font></font></p>
      </td>
      <td width="22" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.18</font></font></p>
      </td>
      <td width="60" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.93</font></font></p>
      </td>
      <td width="48" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0340</font></font></p>
      </td>
      <td width="40" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.30</font></font></p>
      </td>
    </tr>
    <tr valign="top">
      <td style='border-bottom: solid #FFE503 .5pt;' width="125" height="15">
        <p style='margin-left:0pt;text-indent:0pt;text-align: right;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font size=1>10/23/05</font></font></p>
      </td>
      <td style='border-bottom: solid #FFE503 .5pt;' width="86">
        <p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td style='border-bottom: solid #FFE503 .5pt;' width="50">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>10/28/05</font></font></p>
      </td>
      <td width="22" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="60" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="56" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="59" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.06</font></font></p>
      </td>
      <td width="60" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="46" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="65" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.95</font></font></p>
      </td>
      <td width="48" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="41" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>0.0340</font></font></p>
      </td>
      <td width="40" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="50" style='border-bottom: solid #FFE503 .5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>7.10</font></font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font size=1>* As of record date.</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>30</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font color="#007070"><font size=1> </font></font><font size=1>2005 Annual Repor</font><font color="#007070"><font size=1>t</font></font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>



<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Bo<a name="bk12"></a>ard Approval of Management Agreement (unaudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>At a meeting of the Fund&#146;s Board of Directors, the Board considered the re-approval for an annual period of the Fund&#146;s management agreement (the &#147;Agreement&#148;), pursuant to which Smith Barney Fund Management LLC (the &#147;Manager&#148;) provides the Fund with investment advisory and administrative services. The Board members who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;Independent Directors&#148;)) of the Fund were assisted in their review by Fund counsel and independent legal counsel and met with independent legal counsel in executive sessions separate from representatives of the Manager. The Independent Directors requested and received information from the Manager they deemed reasonably necessary for their review of the Agreement and the performance of the Manager. Prior to the Board&#146;s deliberations, Citigroup Inc.
(&#147;Citigroup&#148;) had announced an agreement to sell the Manager to Legg Mason Inc. (&#147;Legg Mason&#148;), which, subject to certain approvals, was expected to be effective later in the year. Consequently, representatives of Legg Mason discussed with the Board Legg Mason&#146;s intentions regarding the preservation and strengthening of the Manager&#146;s business. The Independent Directors also requested and received certain assurances from senior management of Legg Mason regarding the continuation of the level of services provided to the Fund and its shareholders should the sale of the Manager be consummated. At another Board meeting, representatives of Citigroup Asset Management (&#147;CAM&#148;) and Legg Mason made additional presentations to and responded to further questions from the Board regarding Legg Mason&#146;s acquisition of CAM, which includes the Manager. After considering these presentations and reviewing additional written materials provided by CAM and Legg
Mason, the Board, including the Independent Directors, approved, subject to shareholder approval, a new Agreement permitting the Manager to continue to provide its services to the Fund after consummation of the sale of the Manager to Legg Mason. (Shareholders approved the new Agreement and the sale of CAM to Legg Mason was consummated as of December 1, 2005.)</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>In voting to approve the Agreement, the Independent Directors considered whether the approval of the Agreement would be in the best interests of the Fund and its shareholders, an evaluation based on several factors including those discussed below.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Analysis of the Nature, Extent and Quality of the Services provided to the Fund</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board received a presentation from representatives of the Manager regarding the nature, extent and quality of services provided to the Fund and other funds in the CAM fund complex. In addition, the Independent Directors received and considered other information regarding the services provided to the Fund by the Manager under the Agreement during the past year, including a description of the administrative and other services rendered to the Fund and its shareholders by the Manager. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager about the management of the Fund&#146;s affairs and the Manager&#146;s role in coordinating the activities of the Fund&#146;s service providers. The Board&#146;s evaluation of the services provided by the Manager took into account the Board&#146;s knowledge and familiarity gained as Board members of funds
in the CAM fund complex, including the scope </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>31</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Board Approval of Management Agreement (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>and quality of the investment management and other capabilities of the Manager and the quality of the Manager&#146;s administrative and other services. The Board observed that the scope of services provided by the Manager had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Fund&#146;s expanded compliance programs. The Board also considered the Manager&#146;s response to recent regulatory compliance issues affecting the Manager and the CAM fund complex. The Board reviewed information received from the Manager and the Fund&#146;s Chief Compliance Officer regarding the implementation to date of the Fund&#146;s compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The Board reviewed the qualifications, backgrounds and responsibilities of the Fund&#146;s senior personnel and the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the willingness of the Manager to consider and implement organizational changes to improve investment results and the services provided to the CAM fund complex. The Board noted that the Manager&#146;s Office of the Chief Investment Officer, comprised of the senior officers of the investment teams managing the funds in the CAM complex, participates in reporting to the Board on investment matters. The Board also considered, based on its knowledge of the Manager and its affiliates, the financial resources available to CAM and its parent organization, Citigroup Inc.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The Board also considered the Manager&#146;s brokerage policies and practices, the standards applied in seeking best execution, the Manager&#146;s policies and practices regarding soft dollars, the use of a broker affiliated with the Manager and the existence of quality controls applicable to brokerage allocation procedures. In addition, management also reported to the Board on, among other things, its business plans, recent organizational changes and portfolio manager compensation plan.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) under the Agreement by the Manager.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Fund Performance</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board received and reviewed performance information for the Fund and for a group of comparable funds (the &#147;Performance Universe&#148;) selected by Lipper Inc., an independent provider of investment company data. The Board was provided with a description of the methodology Lipper used to determine the similarity of the Fund with the funds included in the Performance Universe. The Board also was provided with information comparing the Fund&#146;s performance since its inception to the Lipper category averages. The Board members noted that they had also received and discussed with management information at periodic intervals comparing the Fund&#146;s performance against its benchmark index. The information comparing the Fund&#146;s performance to that of the Performance Universe, consisting of all closed-end non-leveraged funds classified as &#147;high yield municipal debt funds&#148; by Lipper, was for
the one-, three-, five- and ten-year periods ended March 31, 2005. The Fund performed below the median for each period. The </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>32</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Board Approval of Management Agreement (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Board also reviewed performance information provided by the Manager for periods ended June 2005, which showed the Fund&#146;s performance continued to be below the Lipper category average during the second quarter. The Board members then discussed with the Fund&#146;s portfolio manager the reasons for the Fund&#146;s underperformance compared to the Performance Universe. The Board noted that the portfolio manager explained that credit quality deterioration and some issue defaults adversely impacted the Fund&#146;s results. The Board also noted the portfolio manager&#146;s position that while the Fund&#146;s hedge position reduced volatility and helped performance when yields spiked up sharply, on balance it detracted from relative and absolute performance as longer term yields actually declined. Management also noted that there was a change in the reporting structure of the portfolio management team, which was
intended to improve the Fund&#146;s results over time. Based on its review, the Board generally was satisfied with management&#146;s efforts to improve the Fund&#146;s performance, but concluded that it was necessary to continue to closely monitor the performance of the Fund and its portfolio management team.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Management Fees and Expense Ratios</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board reviewed and considered the contractual management fee (the &#147;Contractual Management Fee&#148;) on the Fund&#146;s Net Assets payable by the Fund to the Manager for investment advisory and administrative services in light of the nature, extent and quality of the management services provided by the Manager.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Additionally, the Board received and considered information comparing the Fund&#146;s Contractual Management Fee and the Fund&#146;s overall expense ratio with those of funds in both the relevant expense group (the &#147;Expense Group&#148;) and a broader group of funds, each selected and provided by Lipper. The Board also reviewed information regarding the fees the Manager charged any of its other U.S. clients investing primarily in an asset class similar to that of the Fund including, where applicable, separate accounts. The Manager reviewed with the Board the significant differences in the scope of services provided to the Fund and to these other clients, noting that the Fund is provided with regulatory compliance and administrative services, office facilities and fund officers (including the Fund&#146;s chief executive, chief financial and chief compliance officers), and that the
Manager coordinates and oversees the provision of services to the Fund by other fund service providers. The Board considered the fee comparisons in light of the scope of services required to manage these different types of accounts. The Board received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a proposed framework of fees based on asset classes.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The information comparing the Fund&#146;s Contractual Management Fee as well as its actual total expense ratios to its Expense Group, consisting of three non-leveraged closed-end funds (including the Fund) classified as &#147;high yield municipal debt funds&#148; by Lipper, showed that the Fund&#146;s Contractual Management Fee was lower than the median of management fees paid by the other funds in the Expense Group. The Board noted that the Fund&#146;s actual total expense ratio was at the median of the total expense ratios of the funds in the Expense Group.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>33</font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Board Approval of Management Agreement (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>After discussion with the Board, the Manager offered to reduce the Contractual Management Fee from .60% to .55% of the value of the Fund&#146;s managed assets.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Taking all of the above into consideration, the Board determined that the management fee (particularly with the Manager&#146;s agreement to reduce the Contractual Management Fee rate) was reasonable in light of the comparative performance and expense information and the nature, extent and quality of the services provided to the Fund under the Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Manager Profitability</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board received and considered a profitability analysis of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the CAM fund complex as a whole. In addition, the Board received information with respect to the Manager&#146;s allocation methodologies used in preparing this profitability data as well as a report from an outside consultant that had reviewed the Manager&#146;s methodology. The Board also noted the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. The Board determined that the Manager&#146;s profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Economies of Scale</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board received and considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. The Board also considered whether alternative management fee structures would be more appropriate or reasonable taking into consideration economies of scale or other efficiencies.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The Board noted that as a closed-end fund, the Fund&#146;s ability to increase its asset level was limited and that a discussion of economies of scale typically is predicated on increasing assets. The Board also considered the Manager&#146;s agreement to reduce its fee and the effect such reduction would have on the total expense ratio of the Fund. The Board noted that it appeared that the benefits of any economies of scale also would be appropriately shared with shareholders through increased investment in fund management and administration resources.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Other Benefits to the Manager</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Board considered other benefits received by the Manager and its affiliates as a result of the Manager&#146;s relationship with the Fund, including any soft dollar arrangements, receipt of brokerage commissions and the opportunity to offer additional products and services to Fund shareholders.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>34</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Board Approval of Management Agreement (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>In light of the costs of providing investment management and other services to the Fund and the Manager&#146;s ongoing commitment to the Fund, the profits and other ancillary benefits that the Manager and its affiliates received were considered reasonable.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Based on their discussions and considerations, including those described above, the Board members approved the Agreement to continue for another year.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Additional Information</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On June 23, 2005, Citigroup entered into a definitive agreement (the &#147;Transaction Agreement&#148;) with Legg Mason under which Citigroup agreed to sell substantially all of its asset management business, CAM, which includes the Adviser, to Legg Mason in exchange for the broker-dealer and investment banking businesses of Legg Mason and certain other considerations (the &#147;Transaction&#148;). The Transaction closed on December 1, 2005. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The consummation of the Transaction resulted in the automatic termination of the Fund&#146;s current advisory agreement in accordance with the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). Prior to the closing of the Transaction, the Fund&#146;s Board approved a new management agreement between the Fund and the Adviser (the &#147;New Management Agreement&#148;) and authorized the Fund&#146;s officers to submit the New Management Agreement to shareholders for their approval.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>On July 11, 2005, members of the Board discussed with CAM management and certain Legg Mason representatives the Transaction and Legg Mason&#146;s general plans and intentions regarding CAM&#146;s business and its combination with Legg Mason&#146;s business. The Board Members also inquired about the plans for and anticipated roles and responsibilities of certain CAM employees and officers after the Transaction. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>At a meeting held on August 10 and 11, 2005, the Fund&#146;s Board, including a majority of the Board Members who are not &#147;interested persons&#148; of the Fund or the Adviser as defined in the 1940 Act (the &#147;Independent Board Members&#148;), approved the New Management Agreement. To assist the Board in its consideration of the New Management Agreement, Legg Mason provided materials and information about Legg Mason, including its financial condition, asset management capabilities and organization, and CAM provided materials and information about the Transaction between Legg Mason and Citigroup. Representatives of CAM and Legg Mason also made presentations to and responded to questions from the Board. The Independent Board Members, through their independent legal counsel, also requested and received additional information from CAM and Legg Mason in connection with their
consideration of the New Management Agreement. The additional information was provided in advance of and at the August meeting. After the presentations and after reviewing the written materials provided, the Independent Board Members met in executive session with their counsel to consider the New Management Agreement. The Independent Board Members also conferred separately and with their counsel about the Transaction on a number of occasions, including in connection with the July and August meetings.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>35</font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Board Approval of Management Agreement (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font size=2>In their deliberations concerning the New Management Agreement, among other things, the Board Members considered:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(i) the reputation, financial strength and resources of Legg Mason and its investment advisory subsidiaries;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(ii) that, following the Transaction, CAM will be part of an organization focused on the asset management business;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(iii) that Legg Mason and its wholly-owned subsidiary, Western Asset Management Company and its affiliates (&#147;Western Asset&#148;), are experienced and respected asset management firms, and that Legg Mason has advised the Board Members that (a) it intends to combine the fixed income investment operations (including money market fund operations) of CAM with those of Western Asset and may also wish to combine other CAM operations with those of other Legg Mason subsidiaries; (b) after the closing of the Transaction, it will take steps to combine the investment management operations of Western Asset with the fixed income operations of the Adviser, which, among other things, may involve Western Asset and the Adviser sharing common systems and procedures, employees (including portfolio managers), investment and trading platforms, and other resources; (c) it is expected
that these combination processes will result in changes to portfolio managers or portfolio management teams for a number of the CAM funds, subject to Board oversight and appropriate notice to shareholders, and that, in other cases, the current portfolio managers or portfolio management teams will remain in place; and (d) in the future, it may recommend that Western Asset or other Legg Mason subsidiaries be appointed as the adviser or sub-adviser to some or all of the CAM funds, subject to applicable regulatory requirements; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(iv) that CAM management had advised the Board that a number of portfolio managers and other key CAM personnel would be retained after the closing of the Transaction;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(v) that CAM management and Legg Mason have advised the Board that following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Fund and their shareholders by the Adviser, including compliance services;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(vi) that under the Transaction Agreement, Citigroup and Legg Mason have agreed not to take any action that is not contemplated by the Transaction or fail to take any action that to their respective knowledge would cause any &#147;undue burden&#148; on Fund shareholders under applicable provisions of the 1940 Act;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(vii) the assurances from Citigroup and Legg Mason that, for a three year period following the closing of the Transaction, Citigroup-affiliated broker-dealers will continue to offer the Fund as an investment product, and the potential benefits to Fund shareholders from this and other third-party distribution access;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(viii) the potential benefits to Fund shareholders from being part of a combined fund family with Legg Mason sponsored funds; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>36</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Board Approval of Management Agreement (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(ix) that Citigroup and Legg Mason would derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(x) the potential effects of regulatory restrictions on the Fund if Citigroup-affiliated broker-dealers remain principal underwriters of the Fund after the closing of the Transaction; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(xi) the fact that the Fund&#146;s total advisory and administrative fees will not increase by virtue of the New Management Agreement, but will remain the same; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(xii) the terms and conditions of the New Management Agreement, including the differences from the current advisory agreement, and the benefits of a single, uniform form of agreement covering these services; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(xiii) that the Fund would not bear the costs of obtaining shareholder approval of the New Management Agreement; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(xiv) that the Fund would avail itself of permissions granted under certain licensing arrangements between Citigroup and Legg Mason that would permit the Fund (including any share classes thereof) to maintain its current name, as well as all logos, trademarks and service marks, related to Citigroup or any of its affiliates for some agreed upon time period after the closing of the Transaction ; and </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>(xv) that, as discussed in detail above, within the past year the Board had performed a full annual review of the current advisory agreement as required by the 1940 Act. In that regard, the Board, in its deliberations concerning the New Management Agreement, considered the same factors regarding the nature, quality and extent of services provided, costs of services provided, profitability, fall out benefits, fees and economies of scale and investment performance as it did when it renewed the current advisory agreement, and reached substantially the same conclusions. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>37</font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
  <p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Additi<a name="bk13"></a>onal
    Information (unaudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Information about Directors and Officers</font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The business and affairs of Municipal High Income Fund Inc. (&#147;Fund&#148;) are managed under the direction of the Board of Directors. Information pertaining to the Directors and Officers of the Fund is set forth below. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom: 0in;'><b><font face="Arial"><font color="#FFE503"><font size=1>Name,
          Address</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>and Birth Year</font></font></font></b></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Position(s)</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Held with</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Fund</font></font></font></b></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Term
          of</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Office*</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>and Length</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>of Time</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Served</font></font></font></b></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Principal</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Occupation(s)</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>During Past</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Five Years</font></font></font></b></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Number
          of</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Portfolios</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>in Fund</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Complex</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Overseen</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>by Director</font></font></font></b></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Other</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Directorships</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Held by</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Director</font></font></font></b></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom style='border-bottom: solid #FFE503 1.5pt;' height="4"></td>
      <td width="85" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="25" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '></td>
      <td width="110" valign=bottom style='border-bottom:solid #FFE503 1.5pt; '></td>
      <td width="237" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="97" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="105" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="10" valign=top style='border-bottom:solid #FFE503 1.5pt; '></td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Non-Interested
          Directors:</font></b></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Dwight
          B. Crane</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial"><font size=1>Director</font></font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Professor,
          Harvard </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>48</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>None</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Harvard
          Business School</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1998</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Business
          School</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Soldiers
          Field Road</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Morgan
          Hall #375</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Boston,
          MA 02163</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1937</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><font size=1>Paolo
          M. Cucchi</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Director</font></font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Vice
          President and Dean of</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>None</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Drew
          University</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2001</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>College
          of Liberal Arts at</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>108
          Brothers College</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Drew
          University</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Madison,
          NJ 07940</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1941</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><font size=1>Robert
          A. Frankel</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Director</font></font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Managing
          Partner of</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>18</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>None</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>1961
          Deergrass Way</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1998</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Robert
          A. Frankel</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Carlsbad,
          CA 92009</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Management
          Consultants</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1927</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><font size=1>Paul
          Hardin</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Director</font></font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Chancellor
          Emeritus and</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>34</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>None</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>12083
          Morehead</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2001</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Professor
          of Law at the</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Chapel
          Hill, NC 27514</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>University
          of North Carolina</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1931</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>at
          Chapel Hill</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><font size=1>William
          R. Hutchinson</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Director</font></font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>President
          of WR Hutchinson </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>44</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>535
          N. Michigan</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>1998</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>&amp;
          Associates, Inc.; Formerly</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Associated</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Chicago,
          IL 60611</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Group
          Vice President of </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Bank
          and</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1942</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Mergers
          &amp; Acquisitions at </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Associated</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>BP
          Amoco</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Banc-Corp</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><font size=1>George
          M. Pavia</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Director</font></font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Senior
          Partner of Pavia &amp; </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>7</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>None</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>600
          Madison Avenue</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2001</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Harcourt
          Attorneys</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>New
          York, NY 10022</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="246" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1928</font></font></p>
      </td>
      <td width="85" valign=bottom >
        <p style='margin-left:2.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="25" valign=bottom >&nbsp;</td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>38</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Additional Information (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom: 0in;'><b><font face="Arial"><font color="#FFE503"><font size=1>Name,
          Address</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>and Birth Year</font></font></font></b></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Position(s)</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Held with</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Fund</font></font></font></b></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Term
          of</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Office*</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>and Length</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>of Time</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Served</font></font></font></b></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Principal</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Occupation(s)</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>During Past</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Five Years</font></font></font></b></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Number
          of</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Portfolios</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>in Fund</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Complex</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Overseen</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>by Director</font></font></font></b></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial"><font color="#FFE503"><font size=1>Other</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Board</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Memberships</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Held by</font></font></font><br>
          <font face="Arial"><font color="#FFE503"><font size=1>Director</font></font></font></b></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;' ><b><font size=1>&nbsp;</font></b></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom style='border-bottom: solid #FFE503 1.5pt;' height="4"></td>
      <td width="80" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="110" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="237" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="97" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="105" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="10" valign=top style='border-bottom:solid #FFE503 1.5pt; '></td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><b><font size=1>Interested
          Directors:</font></b></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>R.
          Jay Gerken, CFA**</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Chairman,</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Managing
          Director of </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>171</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>None</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Citigroup
          Asset Management</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>President
          and</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2002</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>CAM;
          Chairman, President </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>(&#147;CAM&#148;)</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Chief
          Executive</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>and
          Chief Executive Officer</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>399
          Park Avenue</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>of
          Smith Barney Fund</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial" size="1">Mezzanine</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1"></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" size="1">Management
          LLC (&#147;SBFM&#148;), </font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>New
          York, NY 10022</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>and
          Citi Fund Management </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1951</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Inc.
          (&#147;CFM&#148;); President and </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Chief
          Executive Officer of </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>certain
          mutual funds </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>associated
          with CAM; </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Formerly,
          Portfolio Manager</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>of
          Smith Barney Allocation </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Series
          Inc. (from 1996 to </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2001)
          and Smith Barney </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Growth
          and Income Fund </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(from
          1996 to 2000); </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Chairman,
          President and </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Chief
          Executive Officer of </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Travelers
          Investment </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Advisers,
          Inc. (&#147;TIA&#148;) (from </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2002
          to 2005)</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><b><font size=1>Officers:</font></b></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Andrew
          B. Shoup</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Senior
          Vice</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of CAM; Senior </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font SIZE=1>CAM</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>President</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2003</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Vice
          President and Chief </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>125
          Broad Street</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>and
          Chief </font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Administrative
          Officer of </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>11th
          Floor</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Administrative</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>certain
          mutual funds </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>New
          York, NY 10004</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>associated
          with CAM; </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1956</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Treasurer
          of certain mutual</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>funds
          associated with CAM;</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Head
          of International </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Funds
          Administration of </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>CAM
          (from 2001 to 2003); </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of Global Funds </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Administration
          of CAM </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(from
          2000 to 2001); Head </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>of
          U.S. Citibank Funds </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Administration
          of CAM </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>(from
          1998 to 2000)</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial"><font size=1>Kaprel
          Ozsolak</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Chief
          Financial</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of CAM; Chief </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font SIZE=1>CAM</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Officer
          and</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2004</font></font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Financial
          Officer and </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>125
          Broad Street</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Treasurer</font></font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Treasurer
          of certain mutual </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>11th
          Floor</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>funds
          associated with </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>New
          York, NY 10004</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>CAM;
          Controller of certain</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Birth
          Year: 1965</font></font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>mutual
          funds associated</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>with
          CAM (from 2002 to </font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="280" valign=bottom >
        <p style='margin-left:13.7pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="80" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="110" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="237" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>2004)</font></font></p>
      </td>
      <td width="97" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="105" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="10" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;' ><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>39</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Additional Information (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom width="300">
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Name,
          Address</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>and Birth Year</font></b></font></font></p>
      </td>
      <td width="18" valign=bottom>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=bottom>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Position(s)</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Held with</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Fund</font></b></font></font></p>
      </td>
      <td width="13" valign=bottom>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=bottom>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Term
          of</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Office* and</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Length</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>of Time</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Served</font></b></font></font></p>
      </td>
      <td width="18" valign=bottom>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=bottom>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Principal</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Occupation(s)</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>During Past</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Five Years</font></b></font></font></p>
      </td>
      <td width="18" valign=bottom>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=bottom>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Number
          of </font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Portfolios</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>In Fund</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Complex</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Overseen</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>by Directors</font></b></font></font></p>
      </td>
      <td width="18" valign=bottom>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=bottom>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Other</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Board</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Memberships</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Held by</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Director</font></b></font></font></p>
      </td>
      <td width="21" valign=bottom>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="300" style='border-bottom: solid #FFE503 1.5pt;' height="4"></td>
      <td width="18"  style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="102" style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="13"  style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="85"  style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="18"  style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="204" style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="18" style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="85" style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="18" style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="91" style='border-bottom: solid #FFE503 1.5pt;'></td>
      <td width="21" style='border-bottom: solid #FFE503 1.5pt;'></td>
    </tr>
    <tr>
      <td valign=top width="300" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Peter
          M. Coffey</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>399 Park Avenue</font></font><br>
          <font face="Arial"><font size=1>4th Floor</font></font><br>
          <font face="Arial"><font size=1>New York, NY 10022</font></font><br>
          <font face="Arial"><font size=1>Birth Year: 1944</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Vice
          President</font></font><br>
          <font face="Arial"><font size=1>and Investment</font></font><br>
          <font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font><br>
          <font face="Arial"><font size=1>1999</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Managing
          Director of CAM; Investment Officer of SBFM</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="21" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width="300" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Joseph
          P. Deane***</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>399 Park Avenue</font></font><br>
          <font face="Arial"><font size=1>4th Floor</font></font><br>
          <font face="Arial"><font size=1>New York, NY 10022</font></font><br>
          <font face="Arial"><font size=1>Birth Year: 1947</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Vice
          President</font></font><br>
          <font face="Arial"><font size=1>and Investment</font></font><br>
          <font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>As
          of</font></font><br>
          <font face="Arial"><font size=1>2006</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Managing
          Director of CAM; Investment Officer of SBFM</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="21" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width="300" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>David
          T. Fare***</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>399 Park Avenue</font></font><br>
          <font face="Arial"><font size=1>4th Floor</font></font><br>
          <font face="Arial"><font size=1>New York, NY 10022</font></font><br>
          <font face="Arial"><font size=1>Birth Year: 1962</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Vice
          President</font></font><br>
          <font face="Arial"><font size=1>and Investment</font></font><br>
          <font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>As
          of</font></font><br>
          <font face="Arial"><font size=1>2006</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of CAM; Investment Officer of SBFM</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="21" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width="300" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>George
          Benoit</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>399 Park Avenue</font></font><br>
          <font face="Arial"><font size=1>4th Floor</font></font><br>
          <font face="Arial"><font size=1>New York, NY 10022</font></font><br>
          <font face="Arial"><font size=1>Birth Year: 1960</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Investment</font></font><br>
          <font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font><br>
          <font face="Arial"><font size=1>2004</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of CAM</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="21" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width="300" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Steven
          Frank</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>125 Broad Street</font></font><br>
          <font face="Arial"><font size=1>11th Floor</font></font><br>
          <font face="Arial"><font size=1>New York, NY 10004</font></font><br>
          <font face="Arial"><font size=1>Birth Year: 1967</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Controller</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font><br>
          <font face="Arial"><font size=1>2005</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Vice
          President of CAM (since 2002); Controller of certain mutual funds associated
          with CAM; Assistant Controller of CAM (from 2001 to 2005); Accounting
          Manager of CAM (from 1996 to 2001)</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="21" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width="300" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font face="Arial"><font size=1>Andrew
          Beagley</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>399 Park Avenue</font></font><br>
          <font face="Arial"><font size=1>4th Floor</font></font><br>
          <font face="Arial"><font size=1>New York, NY 10022</font></font><br>
          <font face="Arial"><font size=1>Birth Year: 1962</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="102" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Chief</font></font><br>
          <font face="Arial"><font size=1>Compliance</font></font><br>
          <font face="Arial"><font size=1>Officer</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font><br>
          <font face="Arial"><font size=1>2004</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="204" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Director
          of CAM; Managing Director of Compliance, North America, CAM (since 2000);
          Chief Anti-Money Laundering Compliance Officer, and Chief Compliance
          Officer of certain mutual funds associated with CAM; Director of Compliance,
          Europe, the Midde East and Africa, CAM (from 1999 to2000); Chief Compliance
          Officer, SBFM and CFM; Formerly Chief Compliance Officer, TIA (from
          2002 to 2005)</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="85" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="18" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0in;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="91" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:4.0pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="21" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>40</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Additional Information (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.08in;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid #FFE503 1.5pt;' width="380">
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Name,
          Address</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>and Birth Year</font></b></font></font></p>
      </td>
      <td width="16" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:4pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Position(s)</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Held with</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Fund</font></b></font></font></p>
      </td>
      <td width="12" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="82" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:4pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Term
          of</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Office* and</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Length</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>of Time</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Served</font></b></font></font></p>
      </td>
      <td width="12" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="189" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:4pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Principal</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Occupation(s)</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>During Past</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Five Years</font></b></font></font></p>
      </td>
      <td width="13" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="82" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:4pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Number
          of </font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Portfolios</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>In Fund</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Complex</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Overseen</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>by Directors</font></b></font></font></p>
      </td>
      <td width="11" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:4pt;'><font face="Arial"><font color="#FFE503"><b><font size=1>Other</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Board</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Memberships</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Held by</font></b></font></font><br>
          <font face="Arial"><font color="#FFE503"><b><font size=1>Director</font></b></font></font></p>
      </td>
      <td width="23" valign=bottom style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:4pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width="380" >
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>Robert
          I. Frenkel</font></font><br>
          <font face="Arial"><font SIZE=1>CAM</font></font><br>
          <font face="Arial"><font size=1>300 First Stamford Place</font></font><br>
          <font face="Arial"><font size=1>4th Floor</font></font><br>
          <font face="Arial"><font size=1>Stamford, CT 06902</font></font><br>
          <font face="Arial"><font size=1>Date of Birth: 1954</font></font></p>
      </td>
      <td width="16" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="84" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Secretary</font></font><br>
          <font face="Arial"><font size=1>and Chief</font></font><br>
          <font face="Arial"><font size=1>Legal Officer</font></font></p>
      </td>
      <td width="12" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="82" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Since</font></font><br>
          <font face="Arial"><font size=1>2003</font></font></p>
      </td>
      <td width="12" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="189" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Managing
          Director and General Counsel of Global Mutual Funds for CAM and its
          predecessor (since 1994); Secretary of CFM (from 2001 to 2004); Secretary
          and Chief Legal Officer of mutual funds associated with CAM</font></font></p>
      </td>
      <td width="13" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="82" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="11" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="83" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font SIZE=1>N/A</font></font></p>
      </td>
      <td width="23" valign=top >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="14" valign=top height="3" ></td>
      <td width="4" valign=bottom height="3" ></td>
      <td width="607" valign=bottom height="3" ></td>
    </tr>
    <tr>
      <td width="14" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>*</font></font></p>
      </td>
      <td width="4" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="607" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Directors
          are elected for a term of three years.</font></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>**</font></font></p>
      </td>
      <td width="4" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="607" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Mr.&nbsp;Gerken
          is an &#147;interested person&#148; of the Fund as defined in the Investment
          Company Act of 1940, as amended, because Mr.&nbsp;Gerken is an officer
          of SBFM and certain of its affiliates.</font></font></p>
      </td>
    </tr>
    <tr>
      <td width="14" valign=top >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>***</font></font></p>
      </td>
      <td width="4" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="607" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Effective
          as of January 1, 2006.</font></font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>41</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
</div>
<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Annual Chief Executive Officer and</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Chief Financial Officer Certifications (u<a name="bk14"></a>naudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:left;'><font size=2>The Fund&#146;s CEO has submitted to the NYSE the required annual certification and, the Fund also has included the Certifications of the Fund&#146;s CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act in the Fund&#146;s Form N-CSR filed with the SEC, for the period of this report.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>42</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>A<a name="bk15"></a>dditional Shareholder Information (unaudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font face="Arial"><font color="#FFE503"><b><font size=2>Results of a Special Meeting of Shareholders </font></b></font></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On October 21, 2005, a Special Meeting of Shareholders was held to approve a new management agreement. The following table provides the number of votes cast for, against or withheld, as well as the number of abstentions as to the matter voted on at the Special Meeting of Shareholders.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#fffded" style='background:#FFFDED;border-collapse:collapse;'>
    <tr valign="middle">
      <td height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:5.05pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Item
          Voted On</b></font></font></p>
      </td>
      <td width="32" height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="62" height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Votes
          For</b></font></font></p>
      </td>
      <td width="34" height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="88" height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Votes
          Against</b></font></font></p>
      </td>
      <td width="32" height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
      <td width="72" height="15" style='border-bottom:solid #FFE503 1.5pt; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" size="1"><font color="#FFE503"><b>Abstentions</b></font></font></p>
      </td>
      <td width="12" height="15" style='border-bottom: solid #FFE503 1.5pt;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style='margin-left:6.00pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt;'><font face="Arial"><font size=1>New
          Management Agreement</font></font></p>
      </td>
      <td width="32" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="62" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>10,513,534</font></font></p>
      </td>
      <td width="34" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="88" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>580,009</font></font></p>
      </td>
      <td width="32" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="72" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>472,297</font></font></p>
      </td>
      <td width="12" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align="Right">
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
        <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>43</font></font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Dividend <a name="bk16"></a>Reinvestment Plan (unaudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:left;'><font size=2>The Fund&#146;s policy, which may be changed by the Fund&#146;s Board of Directors, is generally to make monthly distributions of substantially all its net investment income (i.e., income other than net realized capital gains) to the holders of the Fund&#146;s capital shares. From time to time, when the Fund makes a substantial capital gains distribution, it may do so in lieu of paying its regular monthly dividend. Net income of the Fund consists of all income accrued on portfolio assets less all expenses of the Fund. Expenses of the Fund are accrued each day. Net realized capital gains, if any, will be distributed to shareholders at least once a year.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Under the Fund&#146;s Dividend Reinvestment Plan (&#147;Plan&#148;), a shareholder whose capital shares are registered in his or her own name will have all distributions reinvested automatically by PFPC Inc. (&#147;PFPC&#148;), as purchasing agent under the Plan, unless the shareholder elects to receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in &#147;street name&#148;) will be reinvested by the broker or nominee in additional capital shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. Investors who own capital shares registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to shareholders who do not participate in the Plan will be paid by check mailed directly to the
record holder by or under the direction of PFPC, as dividend-paying agent.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>The number of capital shares distributed to participants in the Plan in lieu of a cash dividend is determined in the following manner. Whenever the market price of the capital shares is equal to or exceeds 98% of net asset value (&#147;NAV&#148;) per share on the determination date (generally, the record date for the distribution), participants will be issued capital shares valued at the greater of (1) 98% of the NAV or (2) 95% of the market price. To the extent that the Fund issues shares to participants in the Plan at a discount to NAV, the interests of remaining shareholders (i.e., those who do not participate in the Plan) in the Fund&#146;s net assets will be proportionately diluted.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>If 98% of the NAV per share of the capital shares at the time of valuation (which is the close of business on the determination date) exceeds the market price of capital shares, PFPC will buy capital shares in the open market, on the NYSE or elsewhere, for the participants&#146; accounts. If, following the commencement of the purchases and before PFPC has completed its purchases, the market price exceeds 98% of what the NAV per share of the capital shares was at the valuation time, PFPC will attempt to terminate purchases in the open market and cause the Fund to issue the remaining portion of the dividend or distribution by issuing shares at a price equal to the greater of (1) 98% of the  NAV per share as of the valuation time, or (2) 95% of the then current market price. In this case, the number of shares of capital shares received by a Plan participant will be based on the weighted
average of prices paid for shares purchased in the open market and the price at which the Fund issues the remaining shares. To the extent PFPC is unable to stop open market purchases and cause the Fund to issue the remaining shares, the average per share price paid by PFPC may exceed 98% of the NAV per share of the capital shares. PFPC will begin to purchase capital shares on the open market as soon as practicable after the payment date of the dividend or capital gains distribution, but in no event shall such </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'> <tr>
        <td width="41" valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>44</font></font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>Dividend Reinvestment Plan (unaudited) (continued)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>purchases continue later than 30 days after that date, except when necessary to comply with applicable provisions of the Federal securities laws.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>PFPC maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in each account, including information needed by a shareholder for personal and tax records. The automatic reinvestment of dividends and capital gains distributions will not relieve Plan participants of any income tax that may be payable on the dividends or capital gains distributions. Capital shares in the account of each Plan participant will be held by PFPC in uncertificated form in the name of the Plan participant.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Plan participants are subject to no charge for reinvesting dividends and capital gains distributions under the Plan. PFPC&#146;s fees for handling the reinvestment of dividends and capital gains distributions will be paid by the Fund. No brokerage charges shall apply with respect to its capital shares issued directly by the Fund under the Plan. Each Plan participant will, however, bear a pro-rata share of brokerage commissions actually incurred with respect to any open market purchases made under the Plan.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>Experience under the Plan may indicate that changes to it are desirable. The Fund reserves the right to amend or terminate the Plan as applied to any dividend or capital gains distribution paid subsequent to written notice of the change sent to participants at least 30 days before the record date for the dividend or capital gains distribution. The Plan also may be amended or terminated by PFPC or the Fund on at least 30 days&#146; written notice to Plan participants. All correspondence concerning the Plan should be directed by mail to PFPC Inc., P.O. Box 43027, Providence, Rhode Island 02940-3027 or by telephone at 1 (800) 331-1710.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font size=2>*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*</font></p>
<p style=' margin-bottom:0pt; margin-top:4pt; text-indent:0.36in;text-align:left;'><font size=2>Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase at market prices its capital shares in the open market. For the year ended October 31, 2005, the Fund has not repurchased any shares.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.36in;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc.</font></font><font size=1> 2005 Annual Report</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>45</font></font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font color="#FFE503"><font size=3>I<a name="bk17"></a>mportant Tax Information (unaudited)</font></font></font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>All of the net investment income distributions paid monthly by the Fund from November 2004 through December 2004 qualify as tax-exempt interest dividends for Federal income tax purposes. Additionally, 98.28% of the net investment income distributions paid monthly by the Fund from January 1, 2005 through October 31, 2005 qualify as tax-exempt interest dividends for Federal income tax purposes.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Please retain this information for your records.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>46</font></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFE503"><font size=1>Municipal High Income Fund Inc. </font></font><font size=1>2005 Annual Report</font></font></p> </td> </tr></table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font size=2>&nbsp;</font></font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFF561"><b><font SIZE=2>DIRECTORS</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">Dwight
          B. Crane</font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Paolo
          M. Cucchi</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Robert
          A. Frankel</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">R.
          Jay Gerken, CFA</font></p>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1"><i>Chairman</i></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Paul
          Hardin</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">William
          R. Hutchinson</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">George
          M. Pavia</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFF561"><b><font SIZE=2>OFFICERS</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">R.
          Jay Gerken, CFA</font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">President
          and Chief </font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Executive
          Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Andrew
          B. Shoup</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Senior
          Vice President and</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Chief
          Administrative Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Kaprel
          Ozsolak</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Chief
          Financial Officer and</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Treasurer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Peter
          M. Coffey</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Vice
          President and </font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Investment
          Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Joseph
          P. Deane*</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Vice
          President and</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Investment
          Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">David
          T. Fare*</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Vice
          President and</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Investment
          Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">George
          Benoit</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Investment
          Officer</font></p>
      </td>
      <td rowspan="37" valign=top style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td rowspan="37" valign=top style='background:#FFFEF4; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFF561"><b><font size=2>OFFICERS
          (continued)</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">Andrew
          Beagley</font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Chief
          Compliance Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial" size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Steven
          Frank</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Controller</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font face="Arial" size="1">&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Robert
          I. Frenkel</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Secretary
          and</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Chief
          Legal Officer</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFF561"><b><font SIZE=2>INVESTMENT
          ADVISER</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFF561"><b><font size=2>AND
          ADMINISTRATOR</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">Smith
          Barney Fund</font></font></p>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Management
          LLC</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">399
          Park Avenue</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">New
          York, New York 10022</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFF561"><b><font size=2>CUSTODIAN</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">State
          Street Bank and Trust</font></font></p>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Company</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">225
          Franklin Street</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Boston,
          Massachusetts 02110</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font color="#FFF561"><b><font size=2>TRANSFER
          AGENT</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">PFPC
          Inc.</font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">P.O.
          Box 43027</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">Providence,
          Rhode Island</font></p>
        <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">02940-3027</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFF561"><b><font SIZE=2>INDEPENDENT</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFF561"><b><font SIZE=2>REGISTERED
          PUBLIC</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#FFF561"><b><font SIZE=2>ACCOUNTING
          FIRM</font></b></font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size="1">KPMG
          LLP</font></font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">345
          Park Avenue</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="1">New
          York, New York 10154</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; ' height="8">
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;' height="8">
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="198" valign=bottom style='background:#FFFEF4; '> <font face="Arial"><b><font size=2>_______</font></b></font>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="209" valign=bottom style='background:#FFFEF4; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="198" valign=bottom style='background:#FFFEF4; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size="1" face="Arial">*
          Effective as of January 1, 2006.</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="209" valign=bottom style='background:#FFFEF4; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="196" valign=bottom style='background:#FFFCE0; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="198" valign=bottom style='background:#FFFEF4; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="11" valign=bottom style='background:#FFFEF4;'>
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="209" valign=bottom style='background:#FFFEF4; '>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>


<div style='width:600;'>
</div>
 <br clear="all">
<div style='width:600;'>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div STYLE='position:relative;left:0;top:0;height:820px;width:576'>
<p style='position:absolute;top:0px;left:0px;'><img src="b24img1.jpg" width="600" height="792"></p>
    <p style='position:absolute;top:370px;left:213px;height:38.5px;width:398px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
      <font style='font-family:"Arial";font-size:17px;color:#FFFFFF;'><b>Municipal
      High Income Fund Inc.</b></font></p>
    <p style='position:absolute;top:414px;left:213px;height:73px;width:398px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
      <font style='font-family:"Arial";font-size:12px;color:#FFFFFF;'><b>Municipal
      High Income Fund Inc.<br>
      125 Broad Street<br>
      10th Floor, MF-2<br>
      New York, New York 10004</b></font></p>
    <p style='position:absolute;top:493px;left:213px;height:86px;width:350px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
      <font style='font-family:"Arial";font-size:11px;color:#FFFFFF;'><br>
      The Fund files its complete schedule of portfolio holdings with Securities
      Exchange Commission for the first and third quarters of each fiscal year
      on Form N-Q. The Fund&#146;s Forms N-Q are available on the Commission&#146;s website
      at www.sec.gov. The Fund&#146;s Forms N-Q may be reviewed and copied at the Commission&#146;s
      Public Reference Room in Washington D.C., and information on the operation
      of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
      To obtain information on Form N-Q from the Fund, shareholders can call 1-888-735-6507.</font></p>

    <p style='position:absolute;top:633px;left:213px;height:127px;width:360px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
      <font style='font-family:"Arial";font-size:11px;color:#FFFFFF;'><br>
      Information on how the Fund voted proxies relating to portfolio securities
      during the most recent 12-month period ended June 30, and a description
      of the policies and procedures that the Fund uses to determine how to vote
      proxies relating to portfolio securities is available (1) without charge,
      upon request, by calling 1-800-451-2010, (2) on the Fund&#146;s website
      at www.citigroupAM.com, and (3) on the SEC&#146;s website at www.sec.gov.<br>
      </font></p>
    <p style='position:absolute;top:369px;left:9px;height:416px;width:194px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
      <font style='font-family:"Arial";font-size:12px;color:#FFFFFF;'>This report
      is intended only for shareholders of Municipal High Income Fund Inc. It
      is not a Prospectus, circular or representation intended for use in the
      purchase or sale of shares of the Fund or of any securities mentioned in
      this report<b><br>
<br>
      </b>This report is submitted for the general information of the shareholders
      of Municipal High Income Fund Inc., and is not for use with the general
      public.<b><br>
      <br>
      <br style="line-height:75%">
          PFPC Inc.<br>
      P.O. Box 43027<br>
      Providence, RI 02940-3027<br>
      </b><font size="1"><br><br style="line-height:75%">
      FD01049 12/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05-9445</font>
      </font></p>

</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br><HR noshade align="center" width="100%" size="2">
</div>

</div>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 2.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CODE OF ETHICS. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The registrant has adopted a code of ethics that applies to the registrant&#146;s principal
executive officer, principal financial officer, principal accounting officer or
controller. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 3.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the registrant has determined that William R. Hutchinson, a member
of the Board&#146;s Audit Committee, possesses the technical attributes identified in
Instruction 2(b) of Item 3 to Form N-CSR to qualify as an &#147;audit committee financial
expert,&#148; and has designated Mr. Hutchinson as the Audit Committee&#146;s financial
expert. Mr. Hutchinson is an &#147;independent&#148; Director pursuant to paragraph
(a)(2) of Item 3 to Form N-CSR.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Principal Accountant Fees and Services</FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A007></A>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">(a) <U>Audit Fees</U>.
The aggregate fees billed in the last two fiscal years ending October 31, 2004
and October 31, 2005 (the &#147;Reporting Periods&#148;) for professional
services rendered by the Registrant&#146;s principal accountant (the &#147;Auditor&#148;)
for the audit of the Registrant&#146;s annual financial statements, or services that
are normally provided by the Auditor in connection with the statutory and
regulatory filings or engagements for the Reporting Periods, were $33,250 in
2004 and $33,250 in 2005.<BR><BR>

(b) <U>Audit-Related Fees</U>.
There were no fees billed in the Reporting Periods for assurance and related
services by the Auditor that are reasonably related to the performance of the
audit of the Registrant&#146;s financial statements and are not reported under
paragraph (a) of this Item 4.
<BR><BR>

In addition, there were no Audit-Related Fees billed in the Reporting Period
for assurance and related services by the Auditor to the Registrant&#146;s investment
adviser (not including any sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by or under common control with
the investment adviser that provides ongoing services to the Municipal High
Income Fund, Inc. (&#147;service affiliates&#148;), that were reasonably related to the
performance of the annual audit of the service affiliates. Accordingly, there
were no such fees that required pre-approval by the Audit Committee for the
Reporting Periods (prior to May 6, 2003 services provided by the Auditor were
not required to be pre-approved).
<BR><BR>

(c) <U>Tax Fees</U>.
The aggregate fees billed in the Reporting Periods for professional services
rendered by the Auditor for tax compliance, tax advice and tax planning (&#147;Tax
Services&#148;) were $2,300 in 2004 and $4,600 in 2005. These services consisted of
(i) review or preparation of U.S. federal, state, local and excise tax returns;
(ii) U.S. federal, state and local tax planning, advice and assistance regarding
statutory, regulatory or administrative developments, and (iii) tax advice
regarding tax qualification matters and/or treatment of various financial
instruments held or proposed to be acquired or held.<BR>
<BR>

There were no fees filled for tax services by the Auditors to service affiliates
during the Reporting Periods that required pre-approval by the Audit Committee.
<BR><BR>

(d) <U>All Other Fees</U>. There were no other fees billed in the Reporting
Periods for products and services provided by the Auditor, other than the
services reported in paragraphs (a) through (c) of this Item for the Municipal
High Income Fund, Inc.<BR><BR>

All Other Fees. There were no other non-audit services rendered by the Auditor
to Smith Barney Fund Management LLC (&#147;SBFM&#148;), and any entity controlling,
controlled by or under common control with SBFM that provided ongoing services
to Municipal High Income Fund, Inc. requiring pre-approval by the Audit
Committee in the Reporting Period.<BR><BR>

(e) Audit Committee&#146;s pre-approval policies and procedures described in paragraph
(c)(7) of Rule 2-01 of Regulation S-X.
<BR><BR>

(1) The Charter for the Audit Committee (the &#147;Committee&#148;) of the board of each
registered investment company (the &#147;Fund&#148;) advised by Smith Barney Fund
Management LLC or Salomon Brothers Asset Management Inc. or one of their
affiliates (each, an &#147;Adviser&#148;) requires that the Committee shall approve (a)
all audit and permissible non-audit services to be provided to the Fund and (b)
all permissible non-audit services to be provided by the Fund&#146;s independent
auditors to the Adviser and any Covered Service Providers if the engagement
relates directly to the operations and financial reporting of the Fund. The
Committee may implement policies and procedures by which such services are
approved other than by the full Committee.
<BR><BR>

The Committee shall not approve non-audit services that the Committee believes
may impair the independence of the auditors. As of the date of the approval of
this Audit Committee Charter, permissible non-audit services include any
professional services (including tax services), that are not prohibited services
as described below, provided to the Fund by the independent auditors, other than
those provided to the Fund in connection with an audit or a review of the
financial statements of the Fund. Permissible non-audit services may not
include: (i) bookkeeping or other services related to the accounting records of
financial statements of the Fund; (ii) financial information systems design and
implementation; (iii) appraisal or valuation services, fairness opinions or
contribution-in-kind reports; (iv) actuarial services; (v) internal audit
outsourcing services; (vi) management functions or human resources; (vii) broker
or dealer, investment adviser or investment banking services; (viii) legal
services and expert services unrelated to the audit; and (ix) any other service
the Public Company Accounting Oversight Board determines, by regulation, is
impermissible.<BR><BR>

Pre-approval by the Committee of any permissible non-audit services is not
required so long as: (i) the aggregate amount of all such permissible non-audit
services provided to the Fund, the Adviser and any service providers
controlling, controlled by or under common control with the Adviser that
provide ongoing services to the Fund (&#147;Covered Service Providers&#148;) constitutes
not more than 5% of the total amount of revenues paid to the independent
auditors during the fiscal year in which the permissible non-audit services are
provided to (a) the Fund, (b) the Adviser and (c) any entity controlling,
controlled by or under common control with the Adviser that provides ongoing
services to the Fund during the fiscal year in which the services are provided
that would have to be approved by the Committee; (ii) the permissible non-audit
services were not recognized by the Fund at the time of the engagement to be non-audit services;
and (iii) such services are promptly brought to the attention of the
Committee and approved by the Committee (or its delegate(s)) prior to the
completion of the audit.<BR><BR>

(2) For the Municipal High Income Fund, Inc., the percentage of fees that were
approved by the audit committee, with respect to: Audit-Related Fees were 100%
and 100% for 2004 and 2005; Tax Fees were 100% and 100% for 2004 and 2005; and
Other Fees were 100% and 100% for 2004 and 2005.
<BR><BR>

(f) N/A<BR><BR>

(g) Non-audit fees billed by the Auditor for services rendered to Municipal High
Income Fund, Inc. and CAM and any entity controlling, controlled by, or under
common control with CAM that provides ongoing services to Municipal High Income
Fund, Inc. during the reporting period were $0 in 2005 for fees related to the
transfer agent matter as fully described in the notes to financial statements
titled &#147;additional information&#148; and $75,000 for 2004.<BR><BR>

(h) Yes. The Municipal High Income Fund, Inc. Audit Committee has considered
whether the provision of non-audit services that were rendered to Service
Affiliates which were not pre-approved (not requiring pre-approval) is
compatible with maintaining the Accountant&#146;s independence.  All services
provided by the Auditor to the Municipal High Income Fund, Inc. or to Service
Affiliates, which were required to be pre-approved, were pre-approved as
required.
</FONT> </TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 5.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></TD>
</TR>
</TABLE>
<BR>

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                    <TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) Registrant has a separately-designated standing Audit Committee established in
                    accordance with <I>Section</I> <I>3(a)58(A)</I> <I>of</I> <I>the</I> <I>Exchange
                    </I> <I>Act.</I> The Audit Committee consists of the following Board members: </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dwight B. Crane<BR>Paolo M. Cucchi<BR>Robert A. Frankel<BR>
Paul Hardin<BR>William R. Hutchinson<BR>George Pavia</B> </FONT> </TD>
</TR>
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<BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b)
Not applicable  </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 6.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
SCHEDULE OF INVESTMENTS. </FONT></TD>
</TR>
</TABLE>
<BR>

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Not
applicable. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 7.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Board of Directors of the Fund has delegated the authority to develop policies and
procedures relating to proxy voting to the Manager. The Manager is part of Citigroup
Asset Management (&#147;CAM&#148;), a group of investment adviser affiliates of
Citigroup, Inc. (&#147;Citigroup&#148;). Along with the other investment advisers that
comprise CAM, the Manager has adopted a set of proxy voting policies and procedures (the
&#147;Policies&#148;) to ensure that the Manager votes proxies relating to equity
securities in the best interest of clients.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
voting proxies, the Manager is guided by general fiduciary principles and seeks to act
prudently and solely in the best interest of clients. The Manager attempts to consider all
factors that could affect the value of the investment and will vote proxies in the manner
that it believes will be consistent with efforts to maximize shareholder values. The
Manager may utilize an external </FONT></TD>
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service
provider to provide it with information and/or a recommendation with regard to proxy
votes. However, such recommendations do not relieve the Manager of its responsibility for
the proxy vote. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
the case of a proxy issue for which there is a stated position in the Policies, CAM
generally votes in accordance with such stated position. In the case of a proxy issue for
which there is a list of factors set forth in the Policies that CAM considers in voting on
such issue, CAM votes on a case-by-case basis in accordance with the general principles
set forth above and considering such enumerated factors. In the case of a proxy issue for
which there is no stated position or list of factors that CAM considers in voting on such
issue, CAM votes on a case-by-case basis in accordance with the general principles set
forth above. Issues for which there is a stated position set forth in the Policies or for
which there is a list of factors set forth in the Policies that CAM considers in voting on
such issues fall into a variety of categories, including election of directors,
ratification of auditors, proxy and tender offer defenses, capital structure issues,
executive and director compensation, mergers and corporate restructurings, and social and
environmental issues. The stated position on an issue set forth in the Policies can always
be superseded, subject to the duty to act solely in the best interest of the beneficial
owners of accounts, by the investment management professionals responsible for the account
whose shares are being voted. Issues applicable to a particular industry may cause CAM to
abandon a policy that would have otherwise applied to issuers generally. As a result of
the independent investment advisory services provided by distinct CAM business units,
there may be occasions when different business units or different portfolio managers
within the same business unit vote differently on the same issue. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
furtherance of the Manager&#146;s goal to vote proxies in the best interest of clients,
the Manager follows procedures designed to identify and address material conflicts that
may arise between the Manager&#146;s interests and those of its clients before voting
proxies on behalf of such clients. To seek to identify conflicts of interest, CAM
periodically notifies CAM employees (including employees of the Manager) in writing that
they are under an obligation (i) to be aware of the potential for conflicts of interest
with respect to voting proxies on behalf of client accounts both as a result of their
personal relationships and due to special circumstances that may arise during the conduct
of CAM&#146;s and the Manager&#146;s business, and (ii) to bring conflicts of interest of
which they become aware to the attention of compliance personnel. The Manager also
maintains and considers a list of significant relationships that could present a conflict
of interest for the Manager in voting proxies. The Manager is also sensitive to the fact
that a significant, publicized relationship between an issuer and a non-CAM affiliate
might appear to the public to influence the manner in which the Manager decides to vote a
proxy with respect to such issuer. Absent special circumstances or a significant,
publicized non-CAM affiliate relationship that CAM or the Manager for prudential reasons
treats as a potential conflict of interest because such relationship might appear to the
public to influence the manner in which the Manager decides to vote a proxy, the Manager </FONT></TD>
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generally
takes the position that non-CAM relationships between Citigroup and an issuer (e.g.
investment banking or banking) do not present a conflict of interest for the Manager in
voting proxies with respect to such issuer. Such position is based on the fact that the
Manager is operated as an independent business unit from other Citigroup business units as
well as on the existence of information barriers between the Manager and certain other
Citigroup business units. </FONT></TD>
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<BR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
CAM
maintains a Proxy Voting Committee, of which the Manager personnel are members, to review
and address conflicts of interest brought to its attention by compliance personnel. A
proxy issue that will be voted in accordance with a stated position on an issue or in
accordance with the recommendation of an independent third party is not brought to the
attention of the Proxy Voting Committee for a conflict of interest review because the
Manager&#146;s position is that to the extent a conflict of interest issue exists, it is
resolved by voting in accordance with a pre-determined policy or in accordance with the
recommendation of an independent third party. With respect to a conflict of interest
brought to its attention, the Proxy Voting Committee first determines whether such
conflict of interest is material. A conflict of interest is considered material to the
extent that it is determined that such conflict is likely to influence, or appear to
influence, the Manager&#146;s decision-making in voting proxies. If it is determined by
the Proxy Voting Committee that a conflict of interest is not material, the Manager may
vote proxies notwithstanding the existence of the conflict. </FONT></TD>
</TR>
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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
it is determined by the Proxy Voting Committee that a conflict of interest is material,
the Proxy Voting Committee is responsible for determining an appropriate method to resolve
such conflict of interest before the proxy affected by the conflict of interest is voted.
Such determination is based on the particular facts and circumstances, including the
importance of the proxy issue and the nature of the conflict of interest. Methods of
resolving a material conflict of interest may include, but are not limited to, disclosing
the conflict to clients and obtaining their consent before voting, or suggesting to
clients that they engage another party to vote the proxy on their behalf. </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 8.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          [RESERVED]</FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 9.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
None. </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 10.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not applicable. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 11.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         CONTROLS AND PROCEDURES.</FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
registrant&#146;s principal executive officer and principal financial
                    officer have concluded that the registrant&#146;s disclosure controls
and                     procedures (as defined in Rule 30a- 3(c) under the Investment
Company Act of                     1940, as amended (the  </FONT></TD>
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<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;1940
Act&#148;)) are effective as of a date within 90 days of the filing date of this report
that includes the disclosure required by this paragraph, based on their evaluation of the
disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and
15d-15(b) under the Securities Exchange Act of 1934.  </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There
were no changes in the registrant&#146;s internal control over financial
               reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
during                the registrant&#146;s last fiscal half-year (the registrant&#146;s
second fiscal                half-year in the case of an annual report) that have
materially affected, or are                likely to materially affect the registrant&#146;s
internal control over                financial reporting.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 12.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
EXHIBITS. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Code
of Ethics attached hereto.  </FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exhibit 99.CODE ETH </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attached
hereto.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  Exhibit 99.CERT</FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Certifications pursuant to section 302 of the Sarbanes-Oxley Act of
2002</FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  Exhibit 99.906CERT</FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD>
</TR>
</TABLE>
<BR>
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<A NAME=A013></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this Report to be signed on its behalf by the
undersigned, there unto duly authorized. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Municipal High Income Fund Inc.</B> </FONT> </P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ R. Jay Gerken<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Jay Gerken<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer of <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal High Income Fund Inc.</B><BR><BR>
Date: January 9, 2006 </FONT>
</P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ R. Jay Gerken<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(R. Jay Gerken)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer of <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal High Income Fund Inc.</B><BR><BR>
Date: January 9, 2006 </FONT>
</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ Kaprel Ozsolak<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaprel Ozsolak)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer of <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal High Income Fund Inc.</B><BR><BR>
Date: January 9, 2006 </FONT>
</P>



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<DOCUMENT>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>10
<FILENAME>ex-99code.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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<A NAME=A020></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EX 99.CODE ETH </FONT></H1>

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<A NAME=A021></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SARBANES-OXLEY ACT
CODE OF ETHICS<BR>FOR PRINCIPAL EXECUTIVE AND<BR>SENIOR FINANCIAL
OFFICERS OF CAM/U.S. REGISTERED
INVESTMENT COMPANIES</FONT></H1>

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<A NAME=A023></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>I.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Covered
Officers/Purpose of the Code</B> </FONT> </TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
code of ethics (the &#147;Code&#148;) for Citigroup Asset Management&#146;s (&#147;CAM&#146;s&#148;)
U. S. registered proprietary investment companies (collectively, &#147;Funds&#148; and
each a, &#147;Company&#148;) applies to each Company&#146;s Chief Executive Officer,
Chief Administrative Officer, Chief Financial Officer and Controller (the &#147;Covered
Officers&#148;) for the purpose of promoting:  </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>honest
and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
full, fair, accurate, timely and understandable disclosure in reports and documents that
the Company files with, or submits to, the Securities and Exchange Commission
(&#147;SEC&#148;) and in other public communications made by the Company;</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>compliance
with applicable laws and governmental rules and regulations;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
prompt internal reporting of violations of the Code to an             appropriate person
or persons identified in the Code; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accountability
for adherence to the Code.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Covered Officer should adhere to a high standard of business ethics and should be
sensitive to situations that may give rise to actual as well as apparent conflicts of
interest.  </FONT></P>

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<A NAME=A025></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Administration
of Code</B> </FONT> </TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Regional Director of CAM Compliance, North America (&#147;Compliance Officer&#148;) is
responsible for administration of this Code, including granting pre-approvals (see
Section III below) and waivers (as described in Section VI below), applying this Code in
specific situations in which questions are presented under it and interpreting this Code
in any particular situation.  </FONT></P>



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<HR SIZE=5 COLOR=GRAY NOSHADE>


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<A NAME=A026></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>III.</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Covered
Officers Should Ethically Handle Actual and Apparent Conflicts of Interest</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Overview.</B> A
&#147;conflict of interest&#148; occurs when a Covered Officer&#146;s           private
interest interferes with the interests of, or his service to, the           Company. For
example, a conflict of interest would arise if a Covered Officer,           or a member
of his family, receives improper personal benefits as a result of           his position
with the Company.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
conflicts of interest arise out of the relationships between Covered Officers and the
Company and already are subject to conflict of interest provisions in the Investment
Company Act of 1940 (&#147;Investment Company Act&#148;) and the Investment Advisers Act
of 1940 (&#147;Investment Advisers Act&#148;). For example, Covered Officers may not
individually engage in certain transactions (such as the purchase or sale of securities
or other property) with the Company because of their status as &#147;affiliated persons&#148;of
the Company. The compliance programs and procedures of the Company and its investment
adviser are designed to prevent, or identify and correct, violations of these provisions.
This Code does not, and is not intended to, repeat or replace these programs and
procedures, and such conflicts fall outside of the parameters of this Code (see Section
VII below).  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
typically not presenting an opportunity for improper personal benefit, conflicts arise
from, or as a result of, the contractual relationship between a Company and the
investment adviser of which the Covered Officers are also officers or employees. As a
result, this Code recognizes that the Covered Officers will, in the normal course of
their duties (whether formally for a Company or for the adviser, or for both), be
involved in establishing policies and implementing decisions that will have different
effects on the adviser and a Company. The participation of the Covered Officers in such
activities is inherent in the contractual relationship between the Company and the
adviser and is consistent with the performance by the Covered Officers of their duties as
officers of a Company. Thus, if performed in conformity with the provisions of the
Investment Company Act and the Investment Advisers Act, such activities will be deemed to
have been handled ethically. In addition, it is recognized by the Funds&#146; Boards of
Directors\Trustees (&#147;Boards&#148;) that the Covered Officers may also be officers or
employees of one or more other investment companies covered by this or other codes.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
conflicts of interest are covered by the Code, even if such conflicts of interest are not
subject to provisions in the Investment Company Act and the Investment Advisers Act. The
following list provides examples of conflicts of interest under the Code, but Covered
Officers should keep in mind that these examples are not exhaustive. The overarching
principle is that the personal interest of a Covered Officer should not be placed
improperly before the interest of the Company.  </FONT></P>

<table border="0" cellspacing=0 cellpadding=0 width="400" style='margin-left:1.5in;border-collapse:collapse'>
    <tr >
        <td width="31%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td>
        <td width="31%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td>
        <td width="31%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td>
        <td width="8%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr></table>


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<A NAME=A027></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Covered Officer must:  </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>not
use his personal influence or personal relationships improperly             to influence
investment decisions or financial reporting ( e.g.             through fraudulent
accounting</FONT></TD>
</TR>
</TABLE>
<BR>


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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>practices) by the Company whereby the Covered Officer<SUP>1</SUP> would benefit personally to the
                    detriment of the Company; or </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
not cause the Company to take action, or fail to take action, for the individual personal
benefit of the Covered Officer rather than for the benefit of the Company; and</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
not use material non-public knowledge of portfolio transactions made or contemplated for
the Company to trade personally or cause others to trade personally in contemplation of
the market affect of such transactions.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
There are some potential conflict of interest situations that should always be discussed
with the Compliance Officer, if material. Examples are as follows:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
service as a director on the board of any public or private company;  </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
any ownership interest in, or any consulting or employment relationship with,
               any of the Company&#146;s service providers, other than its investment
adviser,  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
a direct or indirect financial interest in commissions, transaction charges or
               spreads paid by the Company for effecting portfolio transactions or for
selling                or redeeming shares other than an interest arising from the
Covered                Officer&#146;s employment, such as compensation or equity
ownership; and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
the receipt of any gifts or the conveyance of any value (including entertainment
               ) from any company with which the Company has current or prospective
business                dealings, except:  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
non-cash gifts of nominal value (nominal value is less than $100); and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) customary
and reasonable meals and entertainment at which the giver is present,                such
as the occasional business meal or sporting event.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<A NAME=A028></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>IV.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Disclosure
and Compliance</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<A NAME=A029></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Covered Officer:  </FONT></P>





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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>should
be familiar with his or her responsibilities in connection             with the
disclosure requirements generally applicable to the Company;</FONT></TD>
</TR>
</TABLE>
<BR>

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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>1</SUP></FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
activity or relationship that would present a conflict for a Covered Officer would also
present a conflict for the Covered Officer if a member of a Covered Officer&#146;s family
(spouse, minor children and any account over which a Covered Officer is deemed to have
beneficial interest) engages in such an activity or has such a relationship. </FONT></TD>
</TR>
</TABLE>
<BR>


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<HR SIZE=5 COLOR=GRAY NOSHADE>




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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
should not knowingly misrepresent, or knowingly cause others to misrepresent, facts about
the Company to others, whether within or outside the Company, including to the
Company&#146;s directors and auditors, and to governmental regulators and self-regulatory
organizations;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Funds and the investment adviser with the goal of
promoting full, fair, accurate, timely and understandable disclosure in the reports and
documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds; and</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
is responsible to promote compliance with the standards and restrictions imposed by
applicable laws, rules and regulations.</FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A031></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>V.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Reporting
and Accountability</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<A NAME=A032></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Covered Officer must: </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer),
affirm in writing to the Board that the Covered Officer has received, read, and
understands the Code;</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>annually
thereafter affirm to the Board that he or she has complied             with the
requirements of the Code;</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>annually
disclose affiliations and other relationships related to             conflicts of
interest;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
not retaliate against any other Covered Officer or any employee of the Funds or their
affiliated persons for reports of potential violations that are made in good faith; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
notify the Compliance Officer promptly if he knows of any violation of this Code (failure
to do so is itself a violation of this Code).</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
rendering decisions and interpretations and in conducting investigations of potential
violations under the Code, the Compliance Officer may, at his discretion, consult with
such persons as he determines to be appropriate, including, but not limited to, a senior
legal officer of the Company or its investment adviser or its affiliates, independent
auditors or other consultants, subject to any requirement to seek pre-approval from the
Company&#146;s audit committee for the retention of independent auditors to perform
permissible non-audit services. The Funds will follow these procedures in investigating
and enforcing the Code: </FONT></P>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the Compliance Officer will take all appropriate action to investigate any potential
violation of which he becomes aware;</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>if,
after investigation the Compliance Officer believes that no             violation has
occurred, the Compliance Officer is not required to             take any further action;</FONT></TD>
</TR>
</TABLE>
<BR>


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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
any matter that the Compliance Officer believes is a violation will be reported to the
Directors of the Fund who are not &#147;interested persons&#148; as defined in the
Investment Company Act the (&#147;Non-interested Directors&#148;)</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
if the Non-interested Directors of the Board concur that a violation has occurred, it will
consider appropriate action, which may include review of, and appropriate modifications
to, applicable policies and procedures; notification to appropriate personnel of the
investment adviser or its board; or a recommendation to dismiss the Covered Officer; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
changes to or waivers of this Code will, to the extent required,             be disclosed
as provided by SEC rules</FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compliance Officer shall submit an annual report to the Board describing any waivers
granted. </FONT></P>


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<A NAME=A033></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="5%" VALIGN="bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VI.</B> </FONT> </TD>
<TD WIDTH="95%" VALIGN="bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Waivers<SUP>2</SUP></B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Covered Officer may request a waiver of any of the provisions of the Code by submitting a
written request for such waiver to the Compliance Officer, setting forth the basis of such
request and explaining how the waiver would be consistent with the standards of conduct
described herein. The Compliance Officer shall review such request and make a
determination thereon in writing, which shall be binding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether to waive any provisions of this Code, the Compliance Officer shall
consider whether the proposed waiver is consistent with honest and ethical conduct and
other purposes of this Code. </FONT></P>

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<A NAME=A034></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VII.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other
Policies and Procedures</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of
the Sarbanes-Oxley Act and the rules and forms applicable to registered investment
companies thereunder. Insofar as other policies or procedures of the Funds, the
Funds&#146; investment advisers, principal underwriters, or other service providers govern
or purport to govern the behavior or activities of the Covered Officers who are subject to
this Code, they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code. The codes of ethics of the funds and the investment
advisers and principal underwriters under Rule 17j-1 of the Investment Company Act and the
Citigroup Code of Conduct and Citigroup Statement of Business Practices as well as other
policies of the Fund&#146;s investment advisers or their affiliates are separate
requirements applying to the Covered Officers and others, and are not part of this Code. </FONT></P>

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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>2</SUP> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
purposes of this Code, Item 2 of Form N-CSR defines &#147;waiver&#148; as &#147;the
approval by a Company of a material departure from a provision of the Code&#148; and
includes an &#147;implicit waiver,&#148; which means a Company&#146;s failure to take
action within a reasonable period of time regarding a material departure from a provision
of the Code that has been made known to an executive officer of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>


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<A NAME=A035></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VIII.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Amendments</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amendments to this Code, other than amendments to Exhibits A, B and C must be approved or
ratified by a majority vote of the Board, including a majority of Non-interested
Directors. </FONT></P>

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<A NAME=A036></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>IX.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Confidentiality</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports and records prepared or maintained pursuant to this Code will be considered
confidential and shall be maintained and protected accordingly. Except as otherwise
required by law or this Code, such matters shall not be disclosed to anyone other than the
appropriate Board and Company and their respective counsel, counsel to the non-Interested
Directors or independent auditors or other consultants referred to in Section V above. </FONT></P>

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<A NAME=A037></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>X.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Internal
Use</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Code is intended solely for the internal use by the Funds and does not constitute an
admission, by or on behalf of any Company, as to any fact, circumstance, or legal
conclusion. </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>11
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

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<A NAME=A014></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS PURSUANT
TO SECTION 302 <BR>EX-99.CERT </FONT></P>

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<A NAME=A016></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, R. Jay Gerken, certify that: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I have reviewed this report on Form N-CSR of Municipal High Income Fund Inc.; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations, changes in net assets, and cash flows (if the
          financial statements are required to include a statement of cash flows) of the
          registrant as of, and for, the periods presented in this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officers and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
          over financial reporting (as defined in Rule 30a-3(d) under the Investment
          Company Act of 1940) for the registrant and have: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Designed such disclosure controls and procedures, or caused such disclosure
               controls and procedures to be designed under our supervision, to ensure that
               material information relating to the registrant, including its consolidated
               subsidiaries, is made known to us by others within those entities, particularly
               during the period in which this report is being prepared; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Designed such internal control over financial reporting, or caused such internal
               control over financial reporting to be designed under our supervision, to
               provide reasonable assurance regarding the reliability of financial reporting
               and the preparation of financial statements for external purposes in accordance
               with generally accepted accounting principles; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Evaluated the effectiveness of the registrant&#146;s disclosure controls and
               procedures and presented in this report our conclusions about the effectiveness
               of the disclosure controls and procedures, as of a date within 90 days prior to
               the filing date of this report based on such evaluation; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Disclosed in this report any change in the registrant&#146;s internal control
               over financial reporting that occurred during the registrant&#146;s most recent
               fiscal half-year (the registrant&#146;s second fiscal half-year in the case of
               an annual report) that has materially affected, or is reasonably likely to
               materially affect, the registrant&#146;s internal control over financial
               reporting; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officers and I have disclosed to the
          registrant&#146;s auditors and the audit committee of the registrant&#146;s
          board of directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               All significant deficiencies and material weaknesses in the design or operation
               of internal control over financial reporting which are reasonably likely to
               adversely affect the registrant&#146;s ability to record, process, summarize,
               and report financial information; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Any fraud, whether or not material, that involves management or other employees
               who have a significant role in the registrant&#146;s internal control over
               financial reporting. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: <U>January 9, 2006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>
R. Jay Gerken<BR>
Chief Executive
Officer </FONT></TD>
</TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Kaprel Ozsolak, certify that: </FONT></P>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I have reviewed this report on Form N-CSR of Municipal High Income Fund
          Inc<B>.</B>; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations, changes in net assets, and cash flows (if the
          financial statements are required to include a statement of cash flows) of the
          registrant as of, and for, the periods presented in this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officers and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
          over financial reporting (as defined in Rule 30a-3(d) under the Investment
          Company Act of 1940) for the registrant and have: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Designed such disclosure controls and procedures, or caused such disclosure
               controls and procedures to be designed under our supervision, to ensure that
               material information relating to the registrant, including its consolidated
               subsidiaries, is made known to us by others within those entities, particularly
               during the period in which this report is being prepared; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Designed such internal control over financial reporting, or caused such internal
               control over financial reporting to be designed under our supervision, to
               provide reasonable assurance regarding the reliability of financial reporting
               and the preparation of financial statements for external purposes in accordance
               with generally accepted accounting principles; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Evaluated the effectiveness of the registrant&#146;s disclosure controls and
               procedures and presented in this report our conclusions about the effectiveness
               of the disclosure controls and procedures, as of a date within 90 days prior to
               the filing date of this report based on such evaluation; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Disclosed in this report any change in the registrant&#146;s internal control
               over financial reporting that occurred during the registrant&#146;s most recent
               fiscal half-year (the registrant&#146;s second fiscal half-year in the case of
               an annual report) that has materially affected, or is reasonably likely to
               materially affect, the registrant&#146;s internal control over financial
               reporting; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officers and I have disclosed to the
          registrant&#146;s auditors and the audit committee of the registrant&#146;s
          board of directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               All significant deficiencies and material weaknesses in the design or operation
               of internal control over financial reporting which are reasonably likely to
               adversely affect the registrant&#146;s ability to record, process, summarize,
               and report financial information; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Any fraud, whether or not material, that involves management or other employees
               who have a significant role in the registrant&#146;s internal control over
               financial reporting. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: <U>January 9, 2006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/ Kaprel Ozsolak &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>
Kaprel Ozsolak <BR>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99.906
<SEQUENCE>12
<FILENAME>ex99906.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS PURSUANT
TO SECTION 906 <BR>EX-99.906CERT</FONT></P>

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<A NAME=A019></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>R. Jay Gerken, </B>Chief Executive Officer, and <B>Kaprel Ozsolak,</B> Chief
          Financial Officer of Municipal High Income Fund Inc. (the
          &#147;Registrant&#148;), each certify to the best of his knowledge that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
          The Registrant&#146;s periodic report on Form N-CSR for the period ended
October           31, 2005 (the &#147;Form N-CSR&#148;) fully complies with the
requirements of           section 15(d) of the Securities Exchange Act of 1934, as
amended; and  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the Form N-CSR fairly presents, in all material
          respects, the financial condition and results of operations of the Registrant.  </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chief Executive Officer<BR>
Municipal High Income Fund Inc.<BR><BR><BR>




<U>/s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>R. Jay Gerken<BR>
Date: January 9, 2006</FONT>
</TD>
<TD WIDTH=50%>



<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chief Financial Officer<BR>
Municipal High Income Fund Inc.<BR><BR><BR>




<U>/s/ Kaprel Ozsolak&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Kaprel Ozsolak<BR>
Date: January 9, 2006<BR></FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This certification is being furnished
to the Securities and Exchange Commission solely pursuant to 18 U.S.C. &sect; 1350 and is
not being filed as part of the Form N-CSR with the Commission. </FONT></P>


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