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<SEC-DOCUMENT>0001133228-05-000641.txt : 20051129
<SEC-HEADER>0001133228-05-000641.hdr.sgml : 20051129
<ACCEPTANCE-DATETIME>20051129120752
ACCESSION NUMBER:		0001133228-05-000641
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051129
DATE AS OF CHANGE:		20051129
EFFECTIVENESS DATE:		20051129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERMEDIATE MUNI FUND INC
		CENTRAL INDEX KEY:			0000882300
		IRS NUMBER:				133643581
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06506
		FILM NUMBER:		051230746

	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:	SMITH BARNEY INTERMEDIATE MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19920909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INTERMEDIATE QUALITY MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>sb145034.htm
<DESCRIPTION>SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
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<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR><BR>

FORM N-Q<BR><BR>


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANY</B><BR><BR>

Investment Company Act file number <B>811-6506</B><BR><BR>

<B>Intermediate Muni Fund, Inc.</B><BR><BR>

(Exact name of registrant as specified in charter)<BR><BR>

125 Broad Street, New York, NY 10004<BR>
(Address of principal executive offices) (Zip code)<BR><BR>

Robert I. Frenkel, Esq.<BR>
c/o Citigroup Asset Management<BR>
300 First Stamford Place, 4th Floor<BR>
Stamford, CT 06902<BR>
(Name and address of agent for service)<BR><BR>

Registrant&#146;s telephone number, including area code: 1-800-451-2010<BR><BR>

Date of fiscal year end: <B>December 31</B><BR>
Date of reporting period: <B>September 30, 2005</B><BR><BR> </FONT>
</P>






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<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>SCHEDULE
OF INVESTMENTS</FONT></TD>
</TR>
</TABLE>
<BR>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><BR><BR><BR><BR><BR><BR><BR><BR><BR>INTERMEDIATE MUNI FUND, INC.</FONT></H1>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM N-Q<BR>SEPTEMBER 30, 2005 <BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></FONT></P>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="600">
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<TD STYLE="border-top:#000000 2pt solid; border-left:#000000 2pt solid; border-bottom:#000000 2pt solid;" VALIGN="TOP" WIDTH="50%" BGCOLOR="#000000">
<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited)</B></FONT></DIV></TD>
<TD STYLE="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="9%" BGCOLOR="#000000">
<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600" BORDER="0">



<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=3></TD></TR>











<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>MUNICIPAL BONDS &#151; 97.3%<BR>
Alabama  &#151; 3.1%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alabama State Public School &amp; College Authority, FSA-Insured, 5.125% due 11/1/15 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3,166,800</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,225,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Baldwin County, AL, Board of Education, Capital Outlay School Warrants, AMBAC-Insured, 5.000% due 6/1/20</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,300,913</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>259,127</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Birmingham, AL, Medical Clinic Board Revenue, Baptist Medical Center, 8.300% due 7/1/08 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>280,399</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Saraland, AL, GO, MBIA-Insured, 5.250% due 1/1/15</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,077,930</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Alabama</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,826,042</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>




<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Alaska  &#151; 0.9%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alaska Industrial Development &amp; Export Authority Revenue, Williams Lynxs Alaska Cargo Port LLC, 8.000% due 5/1/23 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,004,810</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anchorage, AK, GO, Refunding, FGIC-Insured, 6.000% due 10/1/14</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>583,925</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Alaska</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,588,735</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>




<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Arizona  &#151; 0.5%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maricopa County, AZ Hospital Revenue:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Samaritan Health Service, 7.625% due 1/1/08 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135,228</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>684,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>St. Lukes Medical Center, 8.750% due 2/1/10 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>767,318</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pima County, AZ, IDA, Single-Family Housing Authority Revenue, Series A, GNMA/FNMA-Insured, FHLMC-Collateralized, 7.100% due 11/1/29 (c)(d)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91,669</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Arizona</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>994,215</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>




<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Arkansas  &#151; 1.5%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arkansas State Development Finance Authority Hospital Revenue, Washington Regional Medical Center, Call 2/1/10 @ 100, 7.000% due 2/1/15 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,719,165</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BB+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Warren County, AR, Solid Waste Disposal Revenue, Potlatch Corp. Project, 7.000% due 4/1/12 (c)(d)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,104,420</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Arkansas</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,823,585</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>




<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>California  &#151; 5.3%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Barona, CA, Band of Mission Indians, GO, 8.250% due 1/1/20</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,572,525</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>California State Economic Recovery, Series A, 5.000% due <BR>7/1/17 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,177,540</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>410,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>California Statewide COP Community Development Revenue, Refunding Hospital Triad Healthcare, 6.250% due 8/1/06 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,922</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loma Linda, CA, Community Hospital Corp. Revenue, First Mortgage, 8.000% due 12/1/08 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,081</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Los Angeles, CA:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,115,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COP, Hollywood Presbyterian Medical Center, INDLC-Insured, 9.625% due 7/1/13 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,395,512</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Union School District, Series A, MBIA-Insured, 5.375% due 7/1/18</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,106,100</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,450,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Morgan Hill, CA, USD, FGIC-Insured, 5.750% due 8/1/17</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,630,539</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>365,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>San Francisco, CA, Airport Improvement Corp. Lease Revenue, United Airlines, Inc., 8.000% due 7/1/13 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>432,839</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>San Leandro, CA, Hospital Revenue, Vesper Memorial Hospital, 11.500% due 5/1/11 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>150,438</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total California</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,903,496</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>




<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


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     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colorado  &#151; 5.4%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,860,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Broomfield, CO, COP, Open Space Park &amp; Recreation Facilities, AMBAC-Insured, 5.500% due 12/1/20 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,017,561</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colorado Educational &amp; Cultural Facilities Authority Revenue Charter School:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bromley East Project, Series A, Call 9/15/11 @ 100, 7.000% due 9/15/20 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,187,530</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,155,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bromley School Project, XLCA-Insured, 5.125% due 9/15/20</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,244,986</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>







<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>1<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
<TD STYLE="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="9%" BGCOLOR="#000000">
<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=3></TD></TR>








<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colorado &#151; 5.4% (continued)</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,350,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Refunding &amp; Improvement, University Lab School, <BR>&nbsp;&nbsp;&nbsp;&nbsp;XLCA-Insured, 5.250% due 6/1/24</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,451,898</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Baa2(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;University Lab School Project, Call 6/1/11 @100, 6.125% <BR>&nbsp;&nbsp;&nbsp;&nbsp;due 6/1/21 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>568,710</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>710,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Denver, CO, Health &amp; Hospital Authority, Series A, 6.250% due 12/1/16</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>777,308</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,765,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pueblo, CO, Bridge Waterworks Water Revenue, Improvement <BR>Series A, FSA-Insured, Call 11/1/10 @100, 6.000% <BR>due 11/1/14 (a)(e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,984,972</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>750,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SBC Metropolitan District, CO, GO, ACA-Insured, 5.000% due 12/1/25</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>764,925</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Colorado</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,997,890</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


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     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Connecticut  &#151; 3.2%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Connecticut State HEFA Revenue, Bristol Hospital, Series B, 5.500% due 7/1/21 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,188,380</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,855,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Connecticut State Special Obligation Parking Revenue, Bradley International Airport, Series A, ACA-Insured, 6.375% <BR>due 7/1/12 (a)(c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,019,297</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Connecticut State Special Tax Obligation Revenue, RITES, Series A, FSA-Insured, 7.800% due 10/1/09 (g)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,774,440</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Connecticut</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,982,117</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Florida  &#151; 4.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>195,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lee County, FL, Southwest Florida Regional Airport Revenue, MBIA-Insured, 8.625% due 10/1/09 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>214,681</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,250,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lee, FL, Memorial Health System, Hospital Revenue, Series A, FSA-Insured, 5.750% due 4/1/14 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,621,313</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,810,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Old Palm Community Development District, FL, Palm Beach Gardens, Series B, 5.375% due 5/1/14</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,822,525</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="lefT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Orange County, FL, Health Facilities Authority Revenue:</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>700,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Mortgage Healthcare Facilities, 8.750% due 7/1/11</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>734,559</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hospital Adventist Health Systems, 6.250% due 11/15/24</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,684,335</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>455,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Southern Adventist Hospital, Adventist Health Systems, 8.750% due 10/1/09</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>502,147</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>310,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sanford, FL, Airport Authority Industrial Development Revenue, Central Florida Terminals Inc. Project A, 7.500% due 5/1/06 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,985</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Florida</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,889,545</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Georgia  &#151; 3.7%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>970,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Athens, GA, Housing Authority Student Housing Lease Revenue, University of Georgia East Campus, AMBAC-Insured, 5.250% due 12/1/23</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,040,383</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>650,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chatham County, GA, Hospital Authority Revenue, Hospital Memorial Health Medical Center, Series A, 6.000% due 1/1/17</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>708,286</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gainesville, GA, Water &amp; Sewer Revenue, FSA-Insured, 5.375% due 11/15/20</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,091,970</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Georgia Municipal Electric Authority, Power System Revenue, Series X, 6.500% due 1/1/12</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>556,550</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Griffin, GA, Combined Public Utilities Revenue, Refunding &amp; Improvement, AMBAC-Insured, 5.000% due 1/1/21</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,069,370</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,120,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Metropolitan Atlanta Rapid Transit Georgia Sales Tax Revenue, Series E, 7.000% due 7/1/11 (a)(b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,445,038</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Georgia</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,911,597</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Illinois  &#151; 5.0%</B> </FONT> </Td></TR>



<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>535,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bourbonnais, IL, Industrial Development Revenue, Refunding Kmart Corp. Project, 6.600% due 10/1/06 (h)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,350</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chicago, IL, O&#146;Hare International Airport Revenue, Refunding Bonds, Lien A-2, FSA-Insured, 5.750% due 1/1/19 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,674,795</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cicero, IL, Tax Increment, Series A, XLCA-Insured, 5.250% due 1/1/21</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,076,480</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,080,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Glendale Heights, IL, Hospital Revenue, Refunding Glendale Heights Project, Series B, 7.100% due 12/1/15 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,271,506</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Harvey, IL, GO, Radian-Insured, 6.700% due 2/1/09</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,013,720</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>










<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>2<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
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<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TD WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
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<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Illinois &#151; 5.0% (continued)</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Illinois Development Finance Authority:</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   500,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chicago Charter School Foundation Project A, 5.250% due 12/1/12</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   518,670</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>380,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt Restructure-East St. Louis, 6.875% due 11/15/05</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>381,748</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>&nbsp;</TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Illinois Health Facilities Authority Revenue:</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>440,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Methodist Medical Center of Illinois Project, 9.000% <BR>due 10/1/10 (b)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>494,850</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>265,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ravenswood Hospital Medical Center Project, 7.250% <BR>due 8/1/06 (b)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>274,415</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,310,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kane County, IL, GO, FGIC-Insured, 5.500% due 1/1/14</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,455,908</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mount Veron, IL, Elderly Housing Corp., First Lien Revenue:</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ba3(f)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.875% due 4/1/06</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,139</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>250,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ba3(f)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.875% due 4/1/07</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>250,483</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>270,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ba3(f)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.875% due 4/1/08</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>270,410</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Will County, IL, GO, School District North 122 New Lenox, Capital Appreciation Refunding School, Series D, FSA-Insured, zero coupon bond to yield 5.188% due 11/1/24</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>410,760</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Illinois</B> </FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,334,234</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Indiana  &#151; 0.6%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>800,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ball State University, Indiana University Revenue, Student Fee, Series K, FGIC-Insured, 5.750% due 7/1/20</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>877,960</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>285,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Madison County, IN, Hospital Authority Facilities Revenue, Community Hospital of Anderson Project, 9.250% due 1/1/10 (b)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>322,036</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Indiana</B> </FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,199,996</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Iowa  &#151;  1.3%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A1(f)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Iowa Finance Authority, Health Care Facilities Revenue, Genesis Medical Center, 6.250% due 7/1/20</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,080,490</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,035,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Muscatinem, IA, Electric Revenue, 9.700% due 1/1/13 (b)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,272,222</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Iowa</B> </FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,352,712</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Kansas  &#151;  1.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Burlington, KS, Environmental Improvement Revenue, Kansas City Power &amp; Light Project, Refunding, 4.750% due 10/1/07 (d)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,023,230</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,245,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johnson County, KS, Union School District, Series A, Call 10/1/09 @ 100, 5.125% due 10/1/20 (a)(e)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,409,985</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Kansas</B> </FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,433,215</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Louisiana  &#151; 1.5%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>650,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Calcasieu Parish, LA, Memorial Hospital Service District Hospital Revenue, Lake Charles Memorial Hospital Project, Series A, CONNIE LEE-Insured, 7.500% due 12/1/05</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>654,283</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>320,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Louisiana Public Facilities Authority Hospital Revenue, <BR>Southern Baptist Hospital Inc. Project, Aetna-Insured, 8.000% <BR>due 5/15/12 (b)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>367,338</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,690,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Monroe, LA, Sales &amp; Use Tax Revenue, FGIC-Insured, 5.625% due 7/1/25</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,857,597</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Louisiana</B> </FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,879,218</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Maryland  &#151; 1.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maryland State Health &amp; Higher EFA Revenue, Refunding Mercy Medical Center, FSA-Insured, 6.500% due 7/1/13</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,145,370</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Montgomery County, MD, GO, 5.250% due 10/1/14 (a)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,187,980</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Maryland</B> </FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,333,350</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Massachusetts  &#151; 7.1%</B> </FONT> </Td></TR>

<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>875,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Boston, MA, Water &amp; Sewer Commission Revenue, 10.875% due 1/1/09 (b)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>989,362</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,130,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lancaster, MA, GO, AMBAC-Insured, 5.375% due 4/15/17</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,246,379</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Massachusetts State DFA Revenue:</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Curry College, Series A, ACA-Insured, 6.000% due 3/1/20</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>530,310</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>370,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOA Concord, Series A, GNMA-Collateralized, 6.700% due 10/20/21</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424,198</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Massachusetts State HEFA Revenue:</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Berkshire Health Systems, Series F, 5.000% due 10/1/19</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,054,690</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>










<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>3<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
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<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=3></TD></TR>









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     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Massachusetts &#151; 7.1% (continued)</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Caritas Christi Obligation, Series B:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.500% due 7/1/12 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  2,202,060</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>835,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.750% due 7/1/16</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>940,978</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Milford-Whitinsville Regional Hospital, Series D, 6.500% <BR>due 7/15/23</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,084,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Winchester Hospital, Series E, Call 7/1/10 @ 101, 6.750% <BR>due 7/1/30 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,144,150</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,130,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Massachusetts State Industrial Finance Agency Assisted Living Facility Revenue, Arbors at Amherst Project, GNMA-Collateralized, 5.750% due 6/20/17 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,219,055</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Massachusetts State, GO, RITES, Series PA 993-R, MBIA-Insured, 8.021% due 11/1/11 (g)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,810,050</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A3(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New England Education Loan Marketing Corp. Massachusetts Student Loan Revenue, Sub-Issue H, 6.900% due 11/1/09 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>531,560</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Massachusetts</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,176,792</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Michigan  &#151; 3.3%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,775,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carrier Creek, MI, Drain District No. 326, AMBAC-Insured, 5.000% due 6/1/24</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,875,110</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jenison, MI, Public Schools GO, Building and Site, FGIC-Insured, 5.500% due 5/1/20</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,095,580</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Memphis, MI, Community Schools GO, 5.150% due 5/1/19</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,041,950</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Michigan State Hospital Finance Authority Revenue, Oakwood Obligated Group, 5.500% due 11/1/18</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,077,190</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Walled Lake, MI, Consolidated School District, MBIA-Insured, 5.000% due 5/1/22</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,060,870</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Michigan</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,150,700</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Missouri  &#151; 1.1%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hazelwood, MO, School District, Missouri Direct Deposit Program, Series A, FGIC-Insured, 5.000% due 3/1/23</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,064,790</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>405,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-(i)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lees Summit, MO, IDA Health Facilities Revenue, John Knox Village, 5.750% due 8/15/11</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>433,601</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Missouri State Housing Development Community Mortgage Revenue, Series C, GNMA/FNMA-Collateralized, 7.450% due 9/1/27 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,222</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nevada, MO, Waterworks Systems Revenue, AMBAC-Insured, 10.000% due 10/1/10 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>403,937</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>St. Louis County, MO, Single Family Mortgage Revenue, MBIA Insured, 6.750% due 4/1/10 (d)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,213</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Missouri</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,953,763</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Nebraska  &#151; 1.5%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NebHELP Inc. Nebraska Revenue:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,600,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Series A-5A, MBIA-Insured, 6.200% due 6/1/13 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,660,864</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Series A-6, MBIA-Insured, 6.450% due 6/1/18 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,053,020</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Nebraska</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,713,884</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Nevada  &#151; 0.6%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,005,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Henderson Nevada Health Care Facilities Revenue, Catholic Health Care West, Series A, 6.200% due 7/1/09</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,087,531</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>New Hampshire  &#151; 0.5%</B> </FONT> </Td></TR>

<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>865,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New Hampshire HEFA Revenue, Covenant Healthcare System, 6.500% due 7/1/17</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>981,334</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>New Jersey  &#151; 1.3%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,855,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware River Port Authority Pennsylvania and New Jersey, RITES, FSA-Insured, 8.030% due 1/1/10 (a)(g)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,245,552</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>170,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ringwood Borough, NJ, Sewer Authority Special Obligation, 9.875% due 7/1/13 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211,543</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total New Jersey</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,457,095</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>










<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>4<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
<TD STYLE="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="9%" BGCOLOR="#000000">
<P><FONT size=1>&nbsp;</FONT></P></TD>
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<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=3></TD></TR>










<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>New Mexico  &#151; 0.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  1,100,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bernalillo County, NM, Gross Receipts Tax Revenue, AMBAC-Insured, 5.250% due 10/1/18</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  1,228,766</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>335,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A(i)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New Mexico Educational Assistance Foundation Student Loan Revenue, First Sub-Series A2, 5.950% due 11/1/07 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>341,911</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total New Mexico</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,570,677</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>New York  &#151; 2.7%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,015,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York City, NY, IDA, Civic Facility Revenue, Community Hospital Brooklyn, 6.875% due 11/1/10</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,048,454</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,760,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York State Dormitory Authority Revenue, Mental Health Services Facilities, 5.000% due 2/15/18 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,886,280</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tobacco Settlement Financing Corp., New York, Asset-Backed, Series C-1, 5.500% due 6/1/14 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,138,160</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total New York</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,072,894</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>North Carolina  &#151; 1.6%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>210,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Charlotte North Carolina Mortgage Revenue, Refunding Double Oaks Apartments, Series A, FNMA-Collateralized, 7.300% due 11/15/07</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>218,310</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>North Carolina Eastern Municipal Power Agency, Power System Revenue, Series D, 6.450% due 1/1/14</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,107,570</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,405,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>North Carolina Municipal Power Agency No. 1, Catawba Electricity Revenue, 10.500% due 1/1/10 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,633,045</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total North Carolina</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,958,925</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ohio  &#151; 7.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,370,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cleveland, OH, Waterworks Revenue, Series K, Call 1/1/12 @ 100, 5.250% due 1/1/21 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,504,863</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,520,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cuyahoga County, OH, Hospital Facilities Revenue, Canton, Inc. Project, 6.750% due 1/1/10</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,616,687</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,855,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Highland, OH, Local School District, School Improvement, FSA-Insured, 5.750% due 12/1/19 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,088,600</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kettering, OH, City School District, School Improvement, FSA-Insured, 5.000% due 12/1/19</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,073,600</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lake County, OH, Hospital Improvement Revenue:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>255,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lake County Memorial Hospital Project, 8.625% due 11/1/09 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>281,321</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>115,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ridgecliff Hospital Project, 8.000% due 10/1/09</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,096</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>180,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lima, OH, Hospital Revenue, St. Rita Hospital of Lima, 7.500% due 11/1/06 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,291</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BB+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ohio State Air Quality Development Authority Revenue, Cleveland Pollution Control, Series A, 6.000% due 12/1/13</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,581,420</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,010,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ohio State GO, Conservation Project, Series A, 5.250% <BR>due 9/1/13 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,254,954</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ohio State Water Development Authority Revenue:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,315,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.375% due 12/1/10 (b)(j)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,581,572</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>290,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Safe Water, Series 3, 9.000% due 12/1/10 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>323,130</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Ohio</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,615,534</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Oklahoma  &#151; 0.7%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oklahoma State Industries Authority Revenue, Hospital Oklahoma Health Care Corp., Series A, Call 5/1/07 @ 100, 9.125% due 11/1/08 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58,725</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>305,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tulsa, OK, Housing Assistance Corp. MFH Revenue, 7.250% due 10/1/07 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>306,556</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tulsa, OK, Municipal Airport Trust Revenue, Refunding American Airlines, Series B:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.650% due 12/1/08 (c)(d)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>474,775</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.000% due 12/1/08 (c)(d)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>479,615</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Oklahoma</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,319,671</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>










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<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>5<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
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<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
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<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Oregon  &#151; 1.3%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   935,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB(i)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Klamath Falls, OR, International Community Hospital Authority Revenue, Merle West Medical Center Project, 8.000% due <BR>9/1/08 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,013,175</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,355,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wasco County, OR, Solid Waste Disposal Revenue, Waste Connections Inc. Project, 7.000% due 3/1/12 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,447,750</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Oregon</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,460,925</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Pennsylvania  &#151; 5.2%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>865,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conneaut, PA, School District GO, AMBAC-Insured, 9.500% due 5/1/12 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,025,051</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Harrisburg, PA, Parking Authority Parking Revenue, FSA-Insured, 5.500% due 5/15/20</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,094,240</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,365,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Northampton County, PA, IDA Revenue, Mortgage Moravian Hall Square Project, Radian-Insured, 5.500% due 7/1/19</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,470,009</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pennsylvania State IDA Revenue, Economic Development, AMBAC-Insured, 5.500% due 7/1/21</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,101,040</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philadelphia, PA, Hospital Authority Revenue, Thomas Jefferson University Hospital, 7.000% due 7/1/08 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106,037</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philadelphia, PA, School District, Series A, FSA-Insured, Call 2/1/12 @ 100, 5.500% due 2/1/23 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,110,700</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philadelphia, PA, Water &amp; Wastewater, Series B, FGIC-Insured, 5.250% due 11/1/14 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,191,300</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,350,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pittsburgh, PA, School District GO, FSA-Insured, 5.375% due 9/1/16</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,525,460</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Pennsylvania</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,623,837</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Puerto Rico  &#151; 0.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Puerto Rico Housing Bank &amp; Finance Agency, 7.500% due 12/1/06</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,562,745</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Rhode Island  &#151; 0.6%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central Falls, RI, GO, Radian-Insured, 5.875% due 5/15/15</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,098,950</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>South Carolina  &#151; 3.4%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anderson County, SC, Hospital Facilities Revenue, 7.125% due 8/1/07 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,677</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,445,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Charleston, SC, Waterworks &amp; Sewer Revenue, 5.250% due 1/1/16</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,569,819</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Greenville County, SC, School District Installment Purchase Revenue, Building Equity Sooner for Tomorrow:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>900,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.000% due 12/1/21</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,548</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Call 12/1/12 @ 101:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:48px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.875% due 12/1/19 (a)(e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,301,540</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,100,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA-</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:48px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.000% due 12/1/21 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,274,449</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total South Carolina</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,246,033</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>South Dakota  &#151; 1.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,400,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aa2(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minnehana County, SD, GO, Limited Tax Certificates, Call 12/1/10 @ 100, 5.625% due 12/1/20 (a)(e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,621,976</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>795,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>South Dakota Economic Development Finance Authority, <BR>Economic Development Revenue, APA Optics, Series A, 6.750% due 4/1/16 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>822,173</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total South Dakota</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,444,149</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Tennessee  &#151; 0.5%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>530,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jackson, TN, Water &amp; Sewer Revenue, 7.200% due 7/1/12 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>597,559</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>400,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A2(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>McMinnville, TN, Housing Authority Revenue, Refunding First Mortgage Beersheba Heights, 6.000% due 10/1/09</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>416,620</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Tennessee</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,014,179</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Texas  &#151; 9.3%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Baa3(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bexar County, TX, Housing Finance Corp. MFH Revenue, Series A, American Opportunity For Housing-Nob Hill Apartments LLC, 6.000% due 6/1/21</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>981,480</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>










<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>6<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
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<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
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<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
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     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Texas &#151; 9.3% (continued)</B> </FONT> </Td></TR>



<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aa3(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazos River, TX, Harbor Navigation District, BASF Corp. Project, 6.750% due 2/1/10 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  2,255,940</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dallas, TX, Area Rapid Transit Sales Tax Revenue, Senior Lien, AMBAC-Insured, 5.375% due 12/1/16 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,171,340</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dallas-Fort Worth, TX:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCC</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International Airport Facility, Improvement Corp. Revenue, Refunding, American Airlines, Series C, 6.150% <BR>due 11/1/07 (c)(d)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,419,060</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International Airport Revenue, Refunding, Series B, FSA-Insured, 5.500% due 11/1/20 (c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,079,960</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>El Paso County, TX, Housing Finance Corp.:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Baa3(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>La Plaza Apartments, Sub-Series C, 8.000% due 7/1/30</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>281,174</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>360,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A3(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MFH Revenue, Series A, American Village Communities, 6.250% due 12/1/24</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>370,829</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>El Paso, TX, Water &amp; Sewer Revenue, Refunding &amp; Improvement, Series A, FSA-Insured:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.000% due 3/1/15</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,826</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>955,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Call 3/1/12 @ 100, 6.000% due 3/1/15 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,086,207</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fort Worth, TX, Water &amp; Sewer Revenue, Call 2/15/12 @ 100, 5.625% due 2/15/17 (a)(e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,236,760</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>585,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Grand Prairie, TX, Housing Finance Corp., MFH Revenue, Landings of Carrier Project, Series A, GNMA-Collateralized, 6.650% due 9/20/22</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>654,241</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Harris County, TX, Hospital District Revenue, MBIA-Insured, 6.000% due 2/15/15</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,109,400</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,900,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IAH Public Facilities Corp. Project Revenue, 7.000% due 5/1/15 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,886,814</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Southwest Higher Education Authority Inc., Southern Methodist University Project, AMBAC-Insured, 5.500% due 10/1/19</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,105,420</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tarrant County, TX, Hospital Authority Revenue, Adventist Health System-Sunbelt, 10.250% due 10/1/10 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>322,525</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>225,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Texas State Department Housing Community Affairs Home Mortgage Revenue, RIBS Series C-2, GNMA/FNMA/FHLMC-Collateralized, 11.296% due 7/2/24 (c)(d)(k)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224,883</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NR</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tom Green County, TX, Hospital Authority, 7.875% due 2/1/06 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132,064</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Texas</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,368,923</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Utah  &#151; 1.8%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,580,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salt Lake &amp; Sandy, UT, Metropolitan Water District Revenue, Series A, AMBAC-Insured, 5.000% due 7/1/24</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,673,599</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Spanish Fork City, UT, Water Revenue, FSA-Insured:</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,135,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.500% due 6/1/16</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,247,467</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>350,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:24px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Call 6/1/12 @ 100, 5.500% due 6/1/16 (e)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>390,782</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Utah</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,311,848</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Washington  &#151; 1.9%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,250,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aaa(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cowlitz County, WA, School District, No. 122 Longview, FSA-Insured, 5.500% due 12/1/19</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,362,013</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Energy Northwest Washington Electric Revenue, Project No. 3, Series A, FSA-Insured, 5.500% due 7/1/18 (a)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,184,420</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Washington</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,546,433</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>West Virginia  &#151; 0.1%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>115,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AAA</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cabell Putnam &amp; Wayne Counties, WV, Single &#150; Family Residence Mortgage Revenue, FGIC-Insured, 7.375% due 4/1/10 (b)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,742</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Wisconsin  &#151; 1.2%</B> </FONT> </Td></TR>



<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBB</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>La Crosse, WI, Resource Recovery Revenue, Refunding Bonds, Northern States Power Co. Project, Series A, 6.000% <BR>due 11/1/21 (b)(c)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,150,100</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=lefT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS </B>(Cost &#151; $173,968,541) </FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181,461,611</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>










<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>7<BR><BR> </FONT></TD></TR>

</TABLE>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="600">
<TR>
<TD STYLE="border-top:#000000 2pt solid; border-left:#000000 2pt solid; border-bottom:#000000 2pt solid;" VALIGN="TOP" WIDTH="50%" BGCOLOR="#000000">
<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
<TD STYLE="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="9%" BGCOLOR="#000000">
<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600">



<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>





<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FACE<BR>AMOUNT</FONT></TH>
     <TH COLSPAN="3" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATING&#135;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITY</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUE</FONT></TH></TR>
<TR>
     <TD COLSPAN="12" VALIGN="TOP"><HR NOSHADE COLOR=#000000 SIZE=3></TD></TR>




<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SHORT-TERM INVESTMENTS(l) &#151; 1.7%<BR>
Alaska  &#151; 0.5%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 900,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1+</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Valdez, AK, Marine Terminal, BP Pipelines Inc. Project, Series B, 2.830%, 10/3/05</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 900,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colorado  &#151; 0.1%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VMIG1(f)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colorado Educational &amp; Cultural Facilities Authority Revenue, National Jewish Federal Bond Program, LOC-Bank of America NA, 2.810%, 10/3/05</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>New York  &#151; 0.2%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long Island Power Authority, NY, Electric System Revenue, Subordinated Series 2, 2B, LOC-Bayerische Landesbank, 2.790%, 10/3/05</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Pennsylvania  &#151; 0.2%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pennsylvania State Higher EFA, Carnegie Mellon University, Series B, SPA-JPMorgan Chase Bank, 2.800%, 10/3/05</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD COLSPAN="12" ALIGN="Left" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Texas  &#151; 0.7%</B> </FONT> </Td></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bell County, TX, Health Facilities Development Corp. Revenue, Scott and White Memorial Hospital:</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="right" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>785,000</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Series 2001-1, MBIA-Insured, SPA-JPMorgan Chase, 2.810%, 10/3/05</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>785,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="right" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>600,000</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A-1+</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:36px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Series 2001-2, MBIA-Insured, 2.810%, 10/3/05</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>600,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Texas</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,385,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL SHORT-TERM INVESTMENTS</B> <BR>(Cost &#151; $3,185,000)</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,185,000</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>



<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL INVESTMENTS &#151; 99.0% </B>(Cost &#151; $177,153,541#) </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,646,611</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other Assets in Excess of Liabilities &#151; 1.0%</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,909,779</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL NET ASSETS &#151; 100.0%</B> </FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>186,556,390</FONT></TD>
        <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>



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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>&#135;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
ratings are by Standard &amp; Poor&#146;s Ratings Service, unless otherwise footnoted.  All ratings are unaudited.</FONT></TD>
</TR>
</TABLE>

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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>(a)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
or a portion of this security is segregated for open futures contracts and extended settlements.</FONT></TD>
</TR>
</TABLE>

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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>(b)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds
are escrowed to maturity by government securities and/or U.S. government agency
securities and are considered by the manager to be triple-A rated even if issuer has not
applied for new ratings.</FONT></TD>
</TR>
</TABLE>

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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>(c)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income
from this issue is considered a preference item for purposes of calculating the
alternative minimum tax (AMT).</FONT></TD>
</TR>
</TABLE>

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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>(d)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Variable
rate securities.  Coupon rates disclosed are those which are in effect at September 30,
2005.</FONT></TD>
</TR>
</TABLE>

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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>(e)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-Refunded
bonds are escrowed with government securities and/or U.S. government agency securities
and are considered by the manager to be triple-A rated even if issuer has not applied for
new ratings.</FONT></TD>
</TR>
</TABLE>

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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>(f)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rating
by Moody&#146;s Investors Service Inc.  All ratings are unaudited.</FONT></TD>
</TR>
</TABLE>

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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>(g)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Residual
interest tax-exempt securities--coupon varies inversely with level of short-term
tax-exempt interest rates.</FONT></TD>
</TR>
</TABLE>

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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>(h)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Security
is currently in default.</FONT></TD>
</TR>
</TABLE>

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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>(i)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rating
by Fitch Rating Service.  All ratings are unaudited.</FONT></TD>
</TR>
</TABLE>

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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>(j)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
or a portion of this security is held at the broker as collateral for open futures
contracts.</FONT></TD>
</TR>
</TABLE>

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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>(k)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Residual interest bonds-coupon varies inversely with level of short-term tax-exempt interest rates.</FONT></TD>
</TR>
</TABLE>

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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>(l)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 notice.  Date shown is the date of the next interest
rate change.</FONT></TD>
</TR>
</TABLE>

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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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregate
cost for federal income tax purposes is substantially the same.</FONT></TD>
</TR>
</TABLE>
<BR>






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<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>






<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>8<BR><BR> </FONT></TD></TR>

</TABLE>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Schedule of Investments (unaudited) (continued)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
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<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>September 30, 2005&nbsp;</B></FONT></P></TD></TR></TABLE><BR>








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<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD colspan=3>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Abbreviations
used in this schedule:</U> </FONT> </TD>
</TR>

<TR VALIGN=TOP>
<TD width=5%>&nbsp;</TD>
<TD width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ACA</FONT></TD>
<TD width=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD width=77%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>American Capital Assurance</FONT></TD></TR>

<tr>
<TD>&nbsp;</TD><TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMBAC</FONT></TD><TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ambac Assurance Corporation</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONNIE LEE</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>College Construction Loan Insurance Association</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COP</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certificate of Participation</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DFA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Development Finance Agency</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EFA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Educational Facilities Authority</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FGIC</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Guaranty Insurance Company</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FHLMC</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Federal Home Loan Mortgage Corporation</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FNMA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Federal National Mortgage Association</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FSA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Security Assurance</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GNMA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Government National Mortgage Association</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GO</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Obligation</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HEFA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Health &amp; Educational Facilities Authority</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IDA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Industrial Development Authority</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDLC</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Industrial Indemnity Authority</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LOC</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Letter of Credit</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MBIA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Municipal Bond Investors Assurance Corporation</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MFH</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Multi-Family Housing</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Radian</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Radian Assets Assurance</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RIBS</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Residual Interest Bonds</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RITES</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Residual Interest Tax-Exempt Securities</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SPA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Standby Bond Purchase Agreement</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>USD</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unified School District</FONT></TD></TR>
<tr>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>XLCA</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>XL Capital Assurance</FONT></TD></TR>

</TABLE>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR><BR>Summary of Investments
by Industry * (unaudited) </FONT></H1>


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     <TD WIDTH="270" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Hospitals</FONT></TD>
     <TD WIDTH="55" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.8</FONT></TD>
     <TD WIDTH="35" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Education
</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.0</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pre-Refunded</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.7</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Escrowed to Maturity</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Transportation</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.0</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">General Obligation</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.7</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Miscellaneous</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Utilities</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 5.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pollution Control</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Allocation</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.0</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Water and Sewer</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other   </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 9.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* As a percent of total investments.  Please note that Fund holdings are as of September 30, 2005 and are subject to change.</FONT></P>






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     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
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<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>






<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<B><BR><BR>See Notes to Schedule of Investments.</B><BR><BR>9<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Bond Ratings (unaudited)</B></FONT></DIV></TD>
<TD STYLE="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="9%" BGCOLOR="#000000">
<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="85%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

     <tr>
<TD colspan=3 ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
The definitions of the applicable
rating symbols are set forth below: <BR><BR></FONT></TD></TR>

     <tr>
<TD colspan=3 ALIGN="LEFT" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Standard &amp; Poor&#146;s Ratings Service (&#147;Standard &amp; Poor&#146;s&#148;) </i>&#151; Ratings from &#147;AA&#148; to
&#147;CCC&#148; may be modified by the addition of a plus (+) or minus (-) sign to show
relative standings within the major rating categories.<BR><BR></FONT> </TD></TR>

     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AAA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;AA&#148; have a very strong capacity to pay interest and repay principal and differ from the
                highest rated issues only in a small degree.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BBB</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BB, B,
CCC,
CC              and C</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">D</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;D&#148; are in default and payment of interest and/or repayment of principal is in arrears.<br><br></FONT></TD></TR>

     <tr>
<TD colspan=3 ALIGN="LEFT" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) </i>&#151; Numerical modifiers 1, 2 and 3 may be
applied to each generic rating from &#147;Aa&#148; to &#147;Caa,&#148; where 1 is the highest and 3
the lowest ranking within its generic category.<BR><BR></FONT> </TD></TR>

     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Aaa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Aa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Baa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
</TABLE>





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<BR><BR>10<BR><BR> </FONT></TD></TR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERMEDIATE MUNI FUND, INC.</FONT></H1>



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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Bond Ratings (unaudited) (continued)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="85%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ba</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">B</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;B&#148; are generally lack 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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Caa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ca</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">C</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;C&#148; are the lowest class of bonds and issues so
                rated can be regarded as having extremely poor prospects of ever
                attaining any real investment standing.<br><br></FONT></TD></TR>

     <tr>
<TD colspan=3 ALIGN="LEFT" VALIGN="TOP">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Fitch           Rating Service (&#147;Fitch&#148;) </i>&#151; Ratings from &#147;AAA&#148; to &#147;CC&#148; may be
                modified by the addition of a plus (+) or minus (-) sign to show
                relative standings within the major rating categories<BR><BR></FONT> </TD></TR>

     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AAA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;AAA&#148; have the highest rating assigned by Fitch.
                Capacity to pay interest and repay principal is extremely
                strong.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;AA&#148; have a very strong capacity to pay interest and repay principal and differ from the
                highest rated issues only in a small degree.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BBB</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BB, B,<BR>
CCC<BR>
and             CC</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;BB&#148;, &#147;B&#148;, &#147;CCC&#148; and &#147;CC&#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 a lower degree of speculation
                than &#147;B&#148;, and &#147;CC&#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.<br><br></FONT></TD></TR>


     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NR</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicates that the bond is not rated by Standard &amp; Poor&#146;s, Moody&#146;s, or Fitch.<br><br></FONT></TD></TR>
</TABLE>


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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Short-Term Security Ratings (unaudited)</B></FONT></DIV></TD>
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<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;</B></FONT></P></TD></TR></TABLE><BR>


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<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="85%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>


     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SP-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">VMIG 1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Moody&#146;s highest rating for issues having a demand feature-- VRDO.<br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">P-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Moody&#146;s highest rating for commercial paper and for VRDO prior to the
advent of the VMIG 1 rating. <br><br></FONT></TD></TR>
     <tr>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">F-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fitch&#146;s highest rating indicating the
strongest capacity for timely payment of financial commitments;
                those issues determined to possess overwhelming strong credit
                feature are denoted with a plus (+) sign.<br><br></FONT></TD></TR>
</TABLE>



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<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
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<BR><BR>11<BR><BR> </FONT></TD></TR>

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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;Notes to Schedule of Investments (unaudited)</B></FONT></DIV></TD>
<TD STYLE="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="9%" BGCOLOR="#000000">
<P><FONT size=1>&nbsp;</FONT></P></TD>
<TD STYLE="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" VALIGN="TOP" WIDTH="41%" BGCOLOR="#000000">
<P align=right><FONT face="TIMES NEW ROMAN, TIMES, SERIF" color=white size=2><B>&nbsp;</B></FONT></P></TD></TR></TABLE><BR>





<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. Organization and Significant Accounting Policies</FONT></H1>





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     <TD colspan=2 ALIGN="LEFT">

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<FONT FACE="Times New Roman, Times, Serif" SIZE="2">The Intermediate Muni 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 (&#147;1940 Act&#148;), as amended. <BR><BR>

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;).<BR><BR>

<B>(a) Investment Valuation. </B>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
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.<BR><BR>

<B>(b) Financial Futures Contracts. </B>The Fund may enter into financial futures
contracts for hedging purposes. 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.<BR><BR>

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.<BR><BR>


<B>(c) Security Transactions. </B>Security transactions are accounted for on a trade
date basis.<BR><BR>





<B>2. Investments</B> </FONT>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At September 30, 2005, the aggregate
gross unrealized appreciation and depreciation of investments for federal income tax
purposes were substantially as follows: </FONT> </TD></TR>
</TABLE>


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<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR>
     <TD COLSPAN=6><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=81% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross unrealized appreciation</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
<TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  8,436,409</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross unrealized depreciation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(943,339</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net unrealized appreciation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   7,493,070</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At September 30, 2005, the Fund had
the following open futures contracts: </FONT></P>


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<TR VALIGN="BOTTOM">
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of<BR>
Contracts</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Expiration<BR>
Date</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Basis<BR>
Value</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Market<BR>Value</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Unrealized<BR>
Gain</FONT></TH></TR>
<TR>
     <TD COLSPAN=6><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contracts to Sell:</B><BR>U.S. Treasury Bond </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>500</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>12/05</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>$58,521,406</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>$57,203,125</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>$1,318,281</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
</TABLE>




<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=Bottom>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="10%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="2%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="9%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="LEFT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="56%" VALIGN="TOP" STYLE="text-indent:-12px; padding-left:12px;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="1%" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT" WIDTH="14%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="LEFT" WIDTH="1%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>






<TR>
<TD COLSPAN="12" ALIGN="center" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<BR><BR>12<BR><BR> </FONT></TD></TR>

</TABLE>













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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>CONTROLS
AND PROCEDURES.</FONT></TD>
</TR>
</TABLE>
<BR>

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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>&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
&#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>
</TABLE>
<BR>

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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>&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 quarter that have materially                            affected, or are likely to
materially affect 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>
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<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>EXHIBITS.</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>
Certifications
pursuant to Rule 30a-2(a) under the Investment                   Company Act of 1940, as
amended, are attached hereto. </FONT></TD>
</TR>
</TABLE>
<BR><BR><BR><BR>






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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Intermediate Muni Fund, Inc. <BR><BR>

<U>By /s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
R. Jay Gerken<BR>
Chief Executive Officer<BR><BR>

Date: November 29, 2005<BR><BR><BR>


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.<BR><BR>



<U>By /s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
R. Jay Gerken<BR>
Chief Executive Officer<BR><BR>

Date: November 29, 2005<BR><BR><BR>


<U>By /s/ Robert J. Brault&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Robert J. Brault<BR>Chief Financial Officer<BR><BR>

Date: November 29, 2005<BR> </FONT> </P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<A NAME=A001></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS </FONT></P>

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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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          <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-Q of Intermediate Muni Fund, Inc.; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <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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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <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 schedules of investments included in this report
          fairly present in all material respects the investments of the registrant as of
          the end of the fiscal quarter for which the report is filed; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <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 officer(s) and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
          over financial reporting (as defined in Rule 30a-3(d) under the Investment
          Company Act of 1940) for the registrant and have: </FONT></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>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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               <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 quarter 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 officer(s) 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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               <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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               <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>







<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Date: <U>November 29, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
     <TD WIDTH="50%" ALIGN="LEFT" VALIGN="TOP"> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>/s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Robert J. Brault, certify that: </FONT></P>

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          <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-Q of Intermediate Muni Fund, Inc.; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <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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          <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 schedules of investments included in this report
          fairly present in all material respects the investments of the registrant as of
          the end of the fiscal quarter for which the report is filed; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <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 officer(s) and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
          over financial reporting (as defined in Rule 30a-3(d) under the Investment
          Company Act of 1940) for the registrant and have: </FONT></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>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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               <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 quarter 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 officer(s) 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>
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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
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               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>
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Date: <U>November 29, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
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<U>/s/ Robert J. Brault&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Robert J. Brault<BR>Chief Financial Officer </FONT></TD></TR>
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