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<SEC-DOCUMENT>0001133228-06-000102.txt : 20060313
<SEC-HEADER>0001133228-06-000102.hdr.sgml : 20060313
<ACCEPTANCE-DATETIME>20060313104512
ACCESSION NUMBER:		0001133228-06-000102
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060313
DATE AS OF CHANGE:		20060313
EFFECTIVENESS DATE:		20060313

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06506
		FILM NUMBER:		06681107

	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-CSR
<SEQUENCE>1
<FILENAME>sb145856.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<html>
<head>
<title></title>
</head>
<body link="#CCCCFF" vlink="#B2B2B2" bgcolor="#ffffff">

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">UNITED STATES <BR>SECURITIES AND
EXCHANGE COMMISSION <BR>Washington, D.C. 20549 <BR><BR>

FORM N-CSR<BR><BR>


CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES<BR><BR>

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

<B>Intermediate Muni Fund, Inc</B>.<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>
Legg Mason &amp; Co., LLC<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: (800) 451-2010<BR><BR>

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

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Annual Report to Stockholders is filed herewith. </FONT></TD>
</TR>
</TABLE>
<BR>




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<HR SIZE=5 COLOR=GRAY NOSHADE>





<div STYLE='position:relative;left:0;top:0;height:699.85px;width:428.75'>
  <p style='position:absolute;top:0px;left:0px;'><img src="covimg001.jpg" width="600" height="672"></p>

  <p style='position:absolute;top:45px;left:223px;height:21.625px;width:294px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:18px;color:#FFFFFF;'><b><font size="3">Intermediate
    Muni Fund, Inc.</font></b></font></p>
  <p style='position:absolute;top:49px;left:64px;height:16.75px;width:140.5px; text-align:left;padding: 0in 0in 0in 0in;'>
    <b><font style='font-family:Arial;font-size:14px;color:#FFFFFF;'><font size="1">EXPERIENCE</font></font></b></p>

  <p style='position:absolute;top:234px;left:32px;height:18px;width:180.125px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:15px;color:#FFFFFF;'><b><font face="Times New Roman, Times, serif">ANNUAL
    REPORT</font></b></font></p>

  <p style='position:absolute;top:321px;left:37px;height:14.375px;width:168.375px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:12px;color:#FFFFFF;'><b>DECEMBER
    31, 2005</b></font></p>

  <p style='position:absolute;top:632px;left:240px;height:8px;width:330px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:7px;color:#FFFFFF;'>INVESTMENT PRODUCTS:
    NOT FDIC INSURED &#149; NO BANK GUARANTEE &#149; MAY LOSE VALUE</font></p>
</div>
 <div style='width:600;'>
  <br>
  <HR noshade align="center" width="100%" size="2">
</div>
  <p style='page-break-before:always'></p>
<PAGE>

<div style='width:600;'>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" valign=bottom >&nbsp;</td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" align="left" valign=bottom ><font color="#FFE607" size="3" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc.</font></td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" valign=bottom >&nbsp;</td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" valign=bottom >&nbsp;</td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" valign=bottom >&nbsp;</td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width=581 colspan="3" valign=bottom bgcolor="#FFFFFF" >
        <p style='margin-left:34.55pt;text-indent:-8.65pt;text-align: left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" size="2">Annual
          Report &#149; December 31, 2005</font></p>
      </td>
      <td width="23" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" valign=bottom >&nbsp;</td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom >&nbsp;</td>
      <td width="30" valign=bottom >&nbsp;</td>
      <td width="370" valign=bottom >&nbsp;</td>
      <td width="23" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFe607" >&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED" >&nbsp;</td>
      <td width="370" valign=bottom bgcolor="#FFFFED" >&nbsp;</td>
      <td width="23" valign=bottom bgcolor="#FFFFED" >&nbsp;</td>
    </tr>
    <tr>
      <td width="581" rowspan=6 align="center" valign=middle bgcolor="#FFe607" ><font color="#FFFFFF" size=6 face="Arial, Helvetica, sans-serif">What&#146;s<br>
        Inside</font><font color="#FFFFFF"> </font>
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font color="#FFe607" size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
      </td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk0i"><font size=2 face="Arial, Helvetica, sans-serif">Letter
        from the Chairman</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk0i"><font size=2 face="Arial, Helvetica, sans-serif">I</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk01"><font size=2 face="Arial, Helvetica, sans-serif">Manager
        Overview</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk01"><font size=2 face="Arial, Helvetica, sans-serif">1</font></a></td>
    </tr>
    <tr>
      <td width="30" height="17" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk06"><font size=2 face="Arial, Helvetica, sans-serif">Fund
        at a Glance</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk06"><font size=2 face="Arial, Helvetica, sans-serif">6</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk07"><font size=2 face="Arial, Helvetica, sans-serif">Schedule
        of Investments</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk07"><font size=2 face="Arial, Helvetica, sans-serif">7</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk21"><font size=2 face="Arial, Helvetica, sans-serif">Statement
        of Assets and Liabilities</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk21"><font size=2 face="Arial, Helvetica, sans-serif">21</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk22"><font size=2 face="Arial, Helvetica, sans-serif">Statement
        of Operations</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk22"><font size=2 face="Arial, Helvetica, sans-serif">22</font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFe607">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk23"><font size=2 face="Arial, Helvetica, sans-serif">Statements
        of Changes in Net Assets</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk23"><font size=2 face="Arial, Helvetica, sans-serif">23</font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFe607">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED" >&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk24"><font size=2 face="Arial, Helvetica, sans-serif">Financial
        Highlights</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk24"><font size=2 face="Arial, Helvetica, sans-serif">24</font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFe607">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk25"><font size=2 face="Arial, Helvetica, sans-serif">Notes
        to Financial Statements</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk25"><font size=2 face="Arial, Helvetica, sans-serif">25</font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFe607">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk33"><font size=2 face="Arial, Helvetica, sans-serif">Report
        of Independent Registered</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk33"><font size=2 face="Arial, Helvetica, sans-serif">
        </font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFe607">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED">&nbsp;&nbsp;&nbsp;<a href="#bk33"><font size=2 face="Arial, Helvetica, sans-serif">
        Public Accounting Firm</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk33"><font size=2 face="Arial, Helvetica, sans-serif">
        33</font></a></td>
    </tr>
    <tr>
      <td rowspan="8" valign=top bgcolor="#FFFFED">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk34"><font size=2 face="Arial, Helvetica, sans-serif">Financial
        Data</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk34"><font size=2 face="Arial, Helvetica, sans-serif">34</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk35"><font size=2 face="Arial, Helvetica, sans-serif">Board
        Approval of Management</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk35"></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED">&nbsp;&nbsp;&nbsp;<a href="#bk35"><font size=2 face="Arial, Helvetica, sans-serif">Agreement</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk34"><font size=2 face="Arial, Helvetica, sans-serif">35</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk42"><font size=2 face="Arial, Helvetica, sans-serif">Additional
        Information</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk42"><font size=2 face="Arial, Helvetica, sans-serif">42</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk46"><font size=2 face="Arial, Helvetica, sans-serif">Additional
        Shareholder Information</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk46"><font size=2 face="Arial, Helvetica, sans-serif">46</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk47"><font size=2 face="Arial, Helvetica, sans-serif">Annual
        Chief Executive Officer and </font></a></td>
      <td width="23" bgcolor="#FFFFED"><a href="#bk46"><font size="2" face="Arial, Helvetica, sans-serif"></font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED">&nbsp;&nbsp;&nbsp;<a href="#bk47"><font size="2" face="Arial, Helvetica, sans-serif">Chief
        Financial Officer Certifications</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk47"><font size=2 face="Arial, Helvetica, sans-serif">47</font></a></td>
    </tr>
    <tr>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk48"><font size=2 face="Arial, Helvetica, sans-serif">Dividend
        Reinvestment Plan</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk48"><font size=2 face="Arial, Helvetica, sans-serif">48</font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED"><a href="#bk50"><font size=2 face="Arial, Helvetica, sans-serif">Important
        Tax Information</font></a></td>
      <td width="23" align="right" bgcolor="#FFFFED"><a href="#bk50"><font size=2 face="Arial, Helvetica, sans-serif">50</font></a></td>
    </tr>
    <tr>
      <td width="581" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td width="30" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td width="370" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
      <td width="23" valign=bottom bgcolor="#FFFFED">&nbsp;</td>
    </tr>
    <tr>
      <td width="581" valign=bottom >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="30" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="370" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="23" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="581" valign=bottom >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="30" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="370" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="23" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td width="581" valign=bottom >
        <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="30" valign=bottom >
        <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="370" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="23" valign=bottom >
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td colspan="4" valign=bottom >
        <p style='margin-left:25.9pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font size=1 face="Arial, Helvetica, sans-serif">Under
          a licensing agreement between Citigroup and Legg Mason, the names of
          funds, the names of any classes of shares of funds, and the names of
          investment advisers of funds, as well as all logos, trademarks and service
          marks related to Citigroup or any of its affiliates (&#147;Citi Marks&#148;)
          are licensed for use by Legg Mason. Citi Marks include, but are not
          limited to, &#147;Smith Barney,&#148; &#147;Salomon Brothers,&#148;
          &#147;Citi&#148; and &#147;Citigroup Asset Management&#148;. Legg Mason
          and its affiliates, as well as the Fund&#146;s investment manager, are
          not affiliated with Citigroup.</font></p>
        <p style='margin-left:25.9pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font size=1 face="Arial, Helvetica, sans-serif">All
          Citi Marks are owned by Citigroup, and are licensed for use until no
          later than one year after the date of the licensing agreement.</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="160" valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td width="8" valign=bottom ><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font color="#017077"><font color="#FFE607" size=3>Le<a name="bk0i"></a>tter
          from the Chairman</font></font></font></p>
      </td>
    </tr>
    <tr>
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      <td width="8" valign=bottom ><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
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      <td width="8" valign=bottom ><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:25.9pt;text-align:left;margin-top:8.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
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      <td width="160" valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><img src="gerken_small.jpg" width="100" height="126"><br>
      </p>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4pt;margin-bottom:0pt;'><font face="Arial"><font COLOR="#017077"><b><font color="#FFE607" SIZE=1>R. JAY GERKEN, CFA </font></b></font></font><font color="#FFE607"><br>
              <font face="Arial"><font size=1>Chairman, President and </font></font><br>
              <font face="Arial"><font size=1>Chief Executive Officer</font></font></font></p></td>
      <td width="8" valign=bottom ><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p></td>
      <td width="465" valign=top >
        <P><FONT size=2>Dear Shareholder,<br>
          <br>
          Despite numerous obstacles, including rising short-term interest rates,
          surging oil prices, a destructive hurricane season, and geopolitical
          issues, the U.S. economy continued to expand at a healthy pace during
          the reporting period. After a 3.8% advance in the first quarter of 2005,
          gross domestic product (&#147;GDP&#148;)<SUP>i</SUP> growth
          was 3.3% during the second quarter and 4.1% in the third quarter. While
          fourth quarter figures have not yet been released, another slight gain
          is anticipated. </FONT><br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Given the strength of the
          economy and inflationary pressures, the Federal Reserve Board (&#147;Fed&#148;)<SUP>ii</SUP>continued to raise interest rates throughout the period. After
          raising rates five times from June 2004 through December 2004, the Fed
          increased its target for the federal funds rate<SUP>iii </SUP>in 0.25%
          increments eight additional times over the reporting period. This represents
          the longest sustained Fed tightening cycle since the 1970s. All told,
          the Fed&#146;s thirteen rate hikes have brought the target for the federal
          funds rate from 1.00% to 4.25%. After the end of the Fund&#146;s reporting
          period, at its January meeting, the Fed once again raised its target
          rate for the federal funds rate by 0.25% to 4.50%.</FONT><br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>As the year began, it was
          widely expected that both short-and long-term yields would rise. This
          panned out with short-term rates, as two-year Treasury yields rose from
          3.08% to 4.41% over the 12-month period ended December 31, 2005. However,
          while there were periods of volatility, over the same period long-term
          yields experienced only a modest increase, moving from 4.24% to 4.37%.
          In late December, the yield curve inverted, as the yield on two-year
          Treasuries surpassed that of 10-year Treasuries. This anomaly has historically
          foreshadowed an economic slowdown or recession. Looking at the municipal
          market, its yield curve flattened during the reporting period but it
          did not invert.</FONT></P>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>      </td>
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        <td width="40" valign=middle ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">I</font></p></td>
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      <td width="448" align="left" valign=top><font face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">Please
        read on for a more detailed look at prevailing economic and market conditions
        during the Fund&#146;s fiscal year and to learn how those conditions have
        affected Fund performance.</font></font> <font face="Arial, Helvetica, sans-serif"><br>
        <br>
        <b><font color="#FFE607" size=2>Special Shareholder Notice</font></b>
        <br>
        <font size="2" face="Times New Roman, Times, serif">On December 1, 2005,
        Citigroup Inc. (&#147;Citigroup&#148;) completed the sale of substantially
        all of its asset management business, Citigroup Asset Management (&#147;CAM&#148;),
        to Legg Mason, Inc. (&#147;Legg Mason&#148;). As a result, the fund&#146;s
        investment adviser (the &#147;Manager&#148;), previously an indirect wholly-owned
        subsidiary of Citigroup, has become a wholly-owned subsidiary of Legg
        Mason. Completion of the sale caused the Fund&#146;s existing investment
        management contract to terminate. The Fund&#146;s shareholders previously
        approved a new investment management contract between the Fund and the
        Manager, which became effective on December 1, 2005.</font></font> <font face="Arial, Helvetica, sans-serif"><br>
          <br>
          <b><font color="#FFE607" size=2>Information About Your Fund</font></b><br>
        <font size="2" face="Times New Roman, Times, serif">As you may be aware,
        several issues in the mutual fund industry have recently come under the
        scrutiny of federal and state regulators. The Fund&#146;s Manager and
        some of its affiliates have received requests for information from various
        government regulators regarding market timing, late trading, fees, and
        other mutual fund issues in connection with various investigations. The
        regulators appear to be examining, among other things, the Fund&#146;s
        response to market timing and shareholder exchange activity, including
        compliance with prospectus disclosure related to these subjects. The Fund
        has been informed that the Manager and its affiliates are responding to
        those information requests, but are not in a position to predict the outcome
        of these requests and investigations.</font><font face="Times New Roman, Times, serif"><br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Important information concerning
        the Fund and its Manager with regard to recent regulatory developments
        is contained in the in the Notes to Financial Statements included in this
        report. </font></font></font> </td>
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      <td width="40" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">II</font></td>
      <td valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund. Inc.</font></td>
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      <td width="448" align="left" valign=top> <font size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif">As
        always, thank you for your confidence in our stewardship of your assets.
        We look forward to helping you continue to meet your financial goals.<br>
        <br>
        <br>
        Sincerely,</font><br>
        <img src="gerken.jpg"><br>
        <br>
        </font> <font size="2" face="Times New Roman, Times, serif">R. Jay Gerken,
        CFA</font> <font face="Times New Roman, Times, serif"><br>
        <font size=2>Chairman, President and Chief Executive Officer</font></font>
        <font size="2" face="Times New Roman, Times, serif"><i><br>
        <br>
        January 31, 2006</i></font> </td>
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      <td width="10" valign="top"><font face="Arial, Helvetica, sans-serif"><font style='font-family:Arial;font-size:8px;'>i</font></font></td>
      <td><font size=1 face="Arial, Helvetica, sans-serif">Gross domestic product is a market value of goods and services produced by labor and property in a given country.</font></td>
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      <td width="10" valign="top"><font face="Arial, Helvetica, sans-serif"><font style='font-family:Arial;font-size:8px;'>ii</font></font></td>
      <td><div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The Federal Reserve Board is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.</font></div></td>
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      <td width="10" valign="top"><font face="Arial, Helvetica, sans-serif"><font style='font-family:Arial;font-size:8px;'>iii</font></font></td>
      <td><p align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The federal funds rate is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans.</font></p></td>
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      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc.</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">III</font></td>
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    <td>
        <p><font color="#FFE607" size="3" face="Arial, Helvetica, sans-serif">Ma<a name="bk01"></a>nager
          Overview</font></p>
      <p>&nbsp;</p>
        <p><B><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Special
          Shareholder Notice</font></B> <br>
          <font size="2" face="Times New Roman, Times, serif">Effective January
          3, 2006, Joseph P. Deane and David Fare assumed portfolio management
          responsibilities of the Intermediate Muni Fund, Inc. Mr. Deane and Mr.
          Fare have worked together for seventeen years managing municipal fixed
          income assets across closed-end funds, mutual funds and separately managed
          accounts. Joe Deane has more than 35 years of investment industry experience
          and David Fare has more than 17 years of investment industry experience.
          The team is part of the fixed income operations of Smith Barney Asset
          Management that are intended to be combined with those of Western Asset
          Management Company (&#147;Western Asset&#148;) as a result of the transaction
          in which Citigroup Inc. sold substantially all of its asset management
          business to Legg Mason, Inc.</font></p>
        <p><B><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Q.
          What were the overall market conditions during the Fund&#146;s reporting
          period?</font></B><br>
          <FONT size=2 face="serif"><B><font size="2" face="Times New Roman, Times, serif">A.&nbsp;&nbsp;</font></B><font face="Times New Roman, Times, serif">For
          the second year in a row, rising short-term interest rates, surging
          oil prices, infla<FONT size=2>tionary pressures, and a solid economy
          impacted the bond market. Despite these and other challenges, the municipal
          bond market generated fairly solid returns. During the one-year period
          ended December 31, 2005, the Lehman Brothers Municipal Bond Index<SUP>i
          </SUP>gained 3.51%. In contrast, the overall bond market, as measured
          by the Lehman Brothers Aggregate Bond Index<SUP>ii</SUP>, returned 2.43%
          over the same period.<br>
          </FONT></font></FONT><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
          telegraphed by the Federal Reserve Board (&#147;Fed&#148;)<SUP>iii</SUP>,
          short-term interest rates were raised in 25 basis point increments during
          the reporting period.<SUP>iv </SUP>Since the Fed began raising rates
          in June 2004, the federal funds rate<SUP>v</SUP>has been increased
          thirteen times, bringing it from 1.00% to 4.25% at the end of 2005.
          After the end of the Fund&#146;s reporting period, at its January meeting,
          the Fed once again raised its target rate for the federal funds rate
          by 0.25% to 4.50%. Short-term yields rose sharply in conjunction with
          the rate hikes. However, longer-term yields were generally stable or
          fell during the year on the back of strong demand by foreign investors.
          As a result, longer-term Treasuries and municipal securities outperformed
          shorter-term bonds during the fiscal year. </font></p>
        <p><B><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Performance
          Review</font></B> <br>
          <font size="2" face="Times New Roman, Times, serif">For the twelve months
          ended December 31, 2005, the Intermediate Muni Fund, Inc. returned 2.41%,
          based on its net asset value (&#147;NAV&#148;)<SUP>vi</SUP> and -2.40% based on its American Stock Exchange
          (&#147;AMEX&#148;) market price per share. In comparison, the Fund&#146;s
          unmanaged benchmark, the Lehman Brothers Municipal Bond Index, returned
          3.51% and its Lipper General Municipal Debt (Leveraged) Closed-End Funds
          Category Average<SUP>vii </SUP>increased
          5.91% over the same time frame. Please note that Lipper performance
          returns are based on each Fund&#146;s NAV.</font> <font face="Times New Roman, Times, serif"><br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>During the twelve-month period,
          the Fund made distributions to common stock shareholders totaling $0.5550
          per share. The performance table shows the Fund&#146;s twelve-month
          total return based on its NAV and market price as of December 31, 2005.
          </FONT><B><FONT size=2>Past performance is no guarantee of future results.</FONT></B>
          </font></p>
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      <td align="right"><B><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc. </font></B><font size="1" face="Arial, Helvetica, sans-serif">2005
        Annual Report </font></td>
      <td width="41" align="right"><font size="1" face="Arial, Helvetica, sans-serif">1</font></td>
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      <td height="27" colspan="6"><FONT color="#FFFFFF" size=2 face="sans-serif">&nbsp;&nbsp;<b><font face="Arial, Helvetica, sans-serif">Performance
        Snapshot as of December 31, 2005 (unaudited)</font></b></FONT></td>
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      <td bgcolor="#FFFFED" colspan="3">&nbsp;</td>
      <td bgcolor="#FFFFED" width="170">&nbsp;</td>
      <td bgcolor="#FFFFED" width="189">&nbsp;</td>
      <td bgcolor="#FFFFED" width="113">&nbsp;</td>
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      <td bgcolor="#FFFFED" colspan="3">&nbsp;</td>
      <td width="170" valign="bottom" bgcolor="#FFFFED"><b><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Price
        Per Share</font></b></td>
      <td width="189" align="center" bgcolor="#FFFFED"><b><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">12-Month<br>
        Total Return</font></b></td>
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      <td bgcolor="#FFFFED" colspan="3">&nbsp;</td>
      <td bgcolor="#FFFFED" width="170"><b><font size="1" face="Arial, Helvetica, sans-serif">$
        9.66 (NAV) </font></b></td>
      <td align="center" bgcolor="#FFFFED" width="189"><b><font size="1" face="Arial, Helvetica, sans-serif">2.41%</font></b></td>
      <td align="center" bgcolor="#FFFFED" width="113">&nbsp;</td>
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      <td bgcolor="#FFFFED" colspan="3">&nbsp;</td>
      <td bgcolor="#FFFFED" width="170"><b><font size="1" face="Arial, Helvetica, sans-serif">$
        8.60 (Market Price) </font></b></td>
      <td align="center" bgcolor="#FFFFED" width="189"><b><font size="1" face="Arial, Helvetica, sans-serif">-2.40%</font></b></td>
      <td align="center" bgcolor="#FFFFED" width="113">&nbsp;</td>
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    <tr>
      <td colspan="6" bgcolor="#FFFFED">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;All
          figures represent past performance and are not a guarantee of future
          results.</font></B>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Total
          returns are based on changes in NAV or market price, respectively. Total
          returns assume the reinvestment of all <BR>&nbsp;&nbsp;&nbsp;distributions, including returns
          of capital, if any, in additional shares.</font>
      </td>
    </tr>
    <tr>
      <td colspan="6">&nbsp;</td>
    </tr>
    <tr>
      <td width="14" valign="top"><b><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Q.</font></b></td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><b><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">What
        were the most significant factors affecting Fund performance? What were
        the leading contributors to performance?</font><font size=2 face="sans-serif"></font></b></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><b><font size="2" face="Times New Roman, Times, serif">A.</font></b><font face="Times New Roman, Times, serif">&nbsp;&nbsp;<font size=2>During
        the reporting period, lower quality municipals outperformed their higher
        quality counterparts as credit quality spreads narrowed. Therefore, the
        Fund benefited from its exposure to medium grade and lower rated securities.
        In addition, the Fund&#146;s holdings in the transportation sector enhanced
        results. In particular, we benefited from the appreciation generated by
        lower rated special facility airline securities and toll road issues.</font></font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><font face="Times New Roman, Times, serif"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
        the period, we took advantage of narrowing credit quality spreads by reducing
        our exposure to medium grade and lower rated bonds. As a result, during
        the fiscal year the Fund&#146;s overall average credit quality increased
        from &#147;A&#148; to &#147;AA-.&#148;</font></font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td width="10">&nbsp;</td>
      <td colspan="4">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><b><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">What
        were the leading detractors from performance?</font></b> </td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><b><font size="2" face="Times New Roman, Times, serif">A.
        </font></b><font size="2" face="Times New Roman, Times, serif">The Fund&#146;s
        short maturity bonds, as well as those with shorter-term calls, were negative
        contributors to results. As mentioned, short-term rates rose sharply (and
        prices fell), while intermediate yields rose only modestly. In particular,
        the Fund&#146;s holdings in pre-refunded and escrowed-to-maturity bonds
        with short maturities detracted from results. Our use of futures contracts,
        which enhanced returns during periods when yields on longer-term bonds
        were rising, on balance hurt performance. Long-term yields surprisingly
        declined over the period, even though the Fed raised rates eight times
        and 200 basis points in 2005. Finally, one of the Fund&#146;s life care
        issues became distressed and was sold at a significant loss.</font> </td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td width="10">&nbsp;</td>
      <td colspan="4">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top"><b><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Q.</font></b></td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><b><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Were
        there any significant changes to the Fund during the reporting period?</font><font size=2 face="sans-serif"></font></b></td>
    </tr>
    <tr>
      <td valign="top"><font size=2 face="serif"><b><font size="2" face="Times New Roman, Times, serif">A.</font></b>
        <font face="Times New Roman, Times, serif"></font></font></td>
      <td width="10">&nbsp;</td>
      <td colspan="4"><font size=2 face="serif"><font face="Times New Roman, Times, serif">There
        were no significant changes to the Fund&#146;s portfolio.</font></font></td>
    </tr>
  </table>
<p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">2</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
        Annual Report</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
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<div style='width:600;'>
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  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
        <P><B><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif">Looking
          for Additional Information?</font></B> <br>
          <font size="2" face="Times New Roman, Times, serif">The Fund is traded
          under the symbol &#147;SBI&#148; and its closing market price is available
          in most newspapers under the AMEX listings. The daily NAV is available
          on-line under symbol XSBIX. </font><font face="Times New Roman, Times, serif"><I><FONT size=2>Barron&#146;s
          </FONT></I><FONT size=2>and </FONT><I><FONT size=2>The Wall Street Journal&#146;</FONT></I><FONT size=2>s
          Monday editions carry closed-end fund tables that will provide additional
          information. In addition, the Fund issues a quarterly press release
          that can be found on most major financial websites as well as www.citigroupam.com.</FONT><br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>In a continuing effort to
          provide information concerning the Fund, shareholders may call 1-888-735-6507,
          Monday through Friday from 8:00 a.m. to 6:00 p.m. Eastern Time, for
          the Fund&#146;s current net asset value, market price, and other information.</FONT></font>
        </P>
        <p style='margin-top:6pt; margin-left:0in;text-align:left;'><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank
          you for your investment in the Intermediate Muni Fund, Inc. As ever,
          we appreciate that you have chosen us to manage your assets and we remain
          focused on achieving the Fund&#146;s investment goals.</font> </P>
        <p> <font size="2" face="Times New Roman, Times, serif">Sincerely,</font>
        </P>
    <p><IMG src="peter_m.jpg" border=0> </P>
        <P> <font size="2" face="Times New Roman, Times, serif">Peter M. Coffey <br>
          Vice President and Investment Officer</font> </P>
        <P> <font face="Times New Roman, Times, serif"><I><FONT size=2>January
          31, 2006</FONT></I> </font></P>
      </td>
  </tr>
</table>
<p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">3</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
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  <PAGE>
</div>







<div style='width:600;'>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.</font><font face="Arial, Helvetica, sans-serif"><br>
    <br style="line-height:50%">
    <font size=1>The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. Portfolio holdings are subject to change at any time and may not be representative of the Fund&#146;s current or future investments. The Fund&#146;s top five sector holdings (as a percentage of net assets) as of December 31, 2005 were: Hospitals (19.2%), Education (18.6%), Pre-Refunded (17.1%), Escrowed to Maturity (14.6%) and General Obligation (11.4%). The Fund&#146;s portfolio composition is subject to change at any time.<br>
    <br style="line-height:50%">
    </font></font><font size=1 face="Arial, Helvetica, sans-serif">RISKS: Keep in mind the Fund&#146;s investments are subject to interest rate and credit risks. As interest rates rise, bond prices fall, reducing the value of the Fund&#146;s share price. Lower-rated, higher yielding bonds, known as &#147;junk bonds&#148;, are subject to greater credit risk, including the risk of default, than higher-rated obligations. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
        </font> <font face="Arial, Helvetica, sans-serif"><br>
      <br style="line-height:50%">
      <font size=1>All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.</font><br>
      </font>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="20" valign="top"><font style='font-family:Arial;font-size:8px;'>i</font></td>
      <td> <div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The Lehman Brothers Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font style='font-family:Arial;font-size:8px;'>ii</font></td>
      <td> <div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The Lehman Brothers Aggregate Bond Index is a broad-based bond index comprised of Government, Corporate, Mortgage and Asset-backed issues, rated investment grade or higher, and having at least one year to maturity. </font></div></td>
    </tr>
    <tr>
      <td valign="top"><font style='font-family:Arial;font-size:8px;'>iii</font></td>
      <td><div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The Federal Reserve Board is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments. </font></div></td>
    </tr>
    <tr>
      <td valign="top"><font style='font-family:Arial;font-size:8px;'>iv</font></td>
      <td><div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">A basis point is one one-hundredth (1/100 or 0.01) of one percent.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font style='font-family:Arial;font-size:8px;'>v</font></td>
      <td><div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">The federal funds rate is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font style='font-family:Arial;font-size:8px;'>vi</font></td>
      <td><div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">NAV is calculated by subtracting total liabilities and outstanding preferred stock from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding.<br>
      The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is at the Fund&#146;s market price as determined by supply of and demand for the Fund&#146;s shares.</font></div></td>
    </tr>
    <tr>
      <td valign="top"><font style='font-family:Arial;font-size:8px;'>vii</font></td>
      <td><div align="justify"><font size=1 face="Arial, Helvetica, sans-serif">Lipper, Inc. is a major independent mutual-fund tracking organization.  Returns are based on the 12-month period ended December 31, 2005, including the reinvestment of distributions, including returns of capital, if any, calculated among the 64 funds in the Fund&#146;s Lipper category, and excluding sales charges.</font></div></td>
    </tr>
  </table>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="40" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">4</font></td>
      <td valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc.  </font><font size="1" face="Arial, Helvetica, sans-serif">2005
      Annual Report</font></td>
    </tr>
  </table>
   <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
   <font face="Arial, Helvetica, sans-serif"><br>
   </font>
  <HR noshade align="center" width="100%" size="2">
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  <PAGE>
  </font></div>
<div style='width:600;'>
  <p><font face="Arial, Helvetica,"><b><font color="#FFE607" size=2>Take Advantage of the Fund&#146;s Dividend Reinvestment Plan!</font></b> <br>
      </font><font size=2>As an investor in the Fund, you can participate in its Dividend Reinvestment Plan (&#147;Plan&#148;), a convenient, simple and efficient way to reinvest your distributions, if any, in additional shares of the Fund. Below is a short summary of how the Plan works.</font> </p>
  <p> <font face="Arial, Helvetica, sans-serif"><b><font color="#FFE607" size=2>Plan Summary</font></b> <br>
      </font><font size=2>If you are a Plan participant who has not elected to receive your dividends in the form of a cash payment, then your distributions will be reinvested automatically in additional shares of the Fund.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The number of common stock shares of the Fund you will receive in lieu of a cash payment is determined in the following manner. If the market price of the common stock is equal to or exceeds the net asset value per share (&#147;NAV&#148;) on the determination date, you will be issued shares by the Fund at a price reflecting the NAV, or 95% of the market price, whichever is greater.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>If the market price is less than the NAV at the time of valuation (the close of business on the determination date), PFPC Inc. (&#147;Plan Agent&#148;) will buy common stock for your account in the open market.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>If the Plan Agent begins to purchase additional shares in the open market and the market price of the shares subsequently rises above the previously determined NAV before the purchases are completed, the Plan Agent will attempt to terminate purchases and have the Fund issue the remaining distribution in shares at the greater of the previously determined NAV or 95% of the market price. In that case, the number of Fund shares you receive will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the Fund issues the remaining shares.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>A more complete description of the current Plan appears in the section of this report beginning on page 48. To find out more detailed information about the Plan and about how you can participate, please call PFPC Inc. at (800) 331-1710.</font></p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;  </font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
      Annual Report</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">5</font></td>
    </tr>
  </table>
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<div style='width:600;'>
 <p><a name="bk06"></a>&nbsp;</p>
  <div STYLE='position:relative;left:0;top:0;height:606.28px;width:372.625'>

<p style='position:absolute;top:0pt;'><img src="barimg001.jpg"></p>

<p style='position:absolute;top:-1px;left:1px;height:19.25px;width:270.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:16px;color:#FFDD00;'><b>Fund at a Glance (unaudited)</b></font></p>

<p style='position:absolute;top:19px;left:0px;height:16.75px;width:202.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:14px;color:#FFFFFF;'><b>&nbsp;&nbsp;Investment Breakdown</b></font></p>

<p style='position:absolute;top:49px;left:3.25px;height:13.25px;width:226.375px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:11px;'><b>&nbsp;&nbsp;As a Percent of Total Investments</b></font></p>

<p style='position:absolute;top:81.1875px;left:62.5px;height:12px;width:94.875px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Hospitals</b></font></p>

<p style='position:absolute;top:115.6875px;left:59.125px;height:12px;width:98.25px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Education</b></font></p>

<p style='position:absolute;top:186.9375px;left:4.25px;height:12px;width:150.875px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Escrowed to Maturity</b></font></p>

<p style='position:absolute;top:151.6875px;left:41.875px;height:12px;width:115.5px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Pre-Refunded</b></font></p>

<p style='position:absolute;top:222.9375px;left:16px;height:12px;width:139.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>General Obligation</b></font></p>

<p style='position:absolute;top:258.6875px;left:36.875px;height:12px;width:120.5px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Transportation</b></font></p>

<p style='position:absolute;top:293.6875px;left:69.125px;height:12px;width:86px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Utilities</b></font></p>

<p style='position:absolute;top:329.6875px;left:38.625px;height:12px;width:118px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Miscellaneous</b></font></p>

<p style='position:absolute;top:364.6875px;left:27px;height:12px;width:131.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Pollution Control</b></font></p>

<p style='position:absolute;top:400.6875px;left:37.75px;height:12px;width:118.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Tax Allocation</b></font></p>

<p style='position:absolute;top:435.6875px;left:36.125px;height:12px;width:119.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Water &amp; Sewer</b></font></p>

<p style='position:absolute;top:472.4375px;left:80.75px;height:12px;width:76.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>Other</b></font></p>

<p style='position:absolute;top:79.4375px;left:336.5px;height:12px;width:81.5px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>14.3%`</b></font></p>

<p style='position:absolute;top:150.9375px;left:309.25px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>12.7%</b></font></p>

<p style='position:absolute;top:115.6875px;left:327.25px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>13.9%</b></font></p>

<p style='position:absolute;top:186.1875px;left:281.5px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>10.8%</b></font></p>

<p style='position:absolute;top:222.1875px;left:247px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>8.5%</b></font></p>

<p style='position:absolute;top:257.4375px;left:241px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>8.1%</b></font></p>

<p style='position:absolute;top:292.6875px;left:197.5px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>5.3%</b></font></p>

<p style='position:absolute;top:363.1875px;left:193.75px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>5.0%</b></font></p>

<p style='position:absolute;top:328.6875px;left:194.5px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>5.1%</b></font></p>

<p style='position:absolute;top:399.9375px;left:179.5px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>4.0%</b></font></p>

<p style='position:absolute;top:435.1875px;left:172.75px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>3.5%</b></font></p>

<p style='position:absolute;top:471.1875px;left:251.5px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>8.8%</b></font></p>

<p style='position:absolute;top:509px;left:100px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>0.0%</b></font></p>

<p style='position:absolute;top:509px;left:144px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>3.0%</b></font></p>

<p style='position:absolute;top:509px;left:189px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>6.0%</b></font></p>

<p style='position:absolute;top:509px;left:234px;height:12px;width:72.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>9.0%</b></font></p>

<p style='position:absolute;top:509px;left:275px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>12.0%</b></font></p>

<p style='position:absolute;top:509px;left:322px;height:12px;width:78.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>15.0%</b></font></p>

<p style='position:absolute;top:539.4375px;left:266.75px;height:12px;width:139.375px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'><b>December 31, 2005</b></font></p>
</div>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">6</font></td>
      <td valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
      Annual Report</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>







<div style='width:600;'>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
      <td bgcolor="#FFE607" height="25"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Sche<a name="bk07"></a>dule
        of Investments (December 31, 2005)</font></b> </td>
  </tr>
  <tr>
    <td height="30"><b><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;INTERMEDIATE MUNI FUND, INC. </font></b></td>
  </tr>
</table>
  <TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
    <TR>
      <TD colspan="10" bgcolor="#ffe607" height="3"></TD>
    </TR>
    <TR>
      <TD HEIGHT="30" BGCOLOR="#ffffed" WIDTH="10" VALIGN="bottom"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="45"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</FONT></B></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="30"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</FONT></B></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</FONT></B></TD>
      <TD VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="BOTTOM" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD WIDTH="60" ALIGN="center" VALIGN="BOTTOM" BGCOLOR="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</FONT></B></TD>
      <TD BGCOLOR="#ffffed" WIDTH="10" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10"></TD>
    </TR>
    <TR bgcolor="#ffe607">
      <TD height="3" colspan="10"></TD>
    </TR>
    <TR>
      <TD colspan=6 bgcolor="#ffffed" height="19" valign="bottom"><B><FONT size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;MUNICIPAL
        BONDS &#151; 98.1%</FONT></B></TD>
      <TD BGCOLOR="#ffffed" HEIGHT="19" VALIGN="TOP"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" HEIGHT="19" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="19" VALIGN="BOTTOM" BGCOLOR="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" HEIGHT="19" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Alabama
        &#151; 3.2%</FONT></B><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;$</FONT></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">3,000,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Alabama
        State Public School &amp; College Authority, FSA-Insured, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 11/1/15
        (a)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">3,163,110</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,225,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Baldwin
        County, AL, Board of Education, Capital Outlay School Warrants, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBAC-Insured, 5.000% due 6/1/20</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">1,298,206</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">259,127</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Birmingham,
        AL, Medical Clinic Board Revenue, Baptist Medical Center, <BR>&nbsp;&nbsp;&nbsp;&nbsp;8.300% due 7/1/08
        (b)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">276,470</FONT><font size="1"></font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="top">
      <TD BGCOLOR="#ffffed" HEIGHT="12" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font face="Arial, Helvetica, sans-serif" size="1">1,000,000</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font face="Arial, Helvetica, sans-serif" size="1">Saraland,
        AL, GO, MBIA-Insured, 5.250% due 1/1/15</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font face="Arial, Helvetica, sans-serif" size="1">1,075,500</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" HEIGHT="20" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><FONT size=1 face="Arial, Helvetica, sans-serif">Total
        Alabama</FONT></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><FONT size=1 face="Arial, Helvetica, sans-serif">5,813,286</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><B><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Alaska
        &#151; 1.6%</FONT></B><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,000,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">NR</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Alaska
        Industrial Development &amp; Export Authority Revenue, Williams Lynxs
        Alaska</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargo Port LLC, 8.000% due 5/1/23 (c)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">1,005,840</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">500,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Anchorage,
        AK, GO, Refunding, FGIC-Insured, 6.000% due 10/1/14</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">579,500</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="top">
      <TD BGCOLOR="#ffffed" HEIGHT="12" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,250,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">North
        Slope Boro, AK, Refunding, Series A, MBIA-Insured, 5.000% due 6/30/15</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">1,357,113</FONT><font size="1"></font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" HEIGHT="20" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><FONT size=1 face="Arial, Helvetica, sans-serif">Total
        Alaska</FONT></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><FONT size=1 face="Arial, Helvetica, sans-serif">2,942,453</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD colspan=4 valign="bottom" bgcolor="#ffffed" height="14"><B><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Arizona
        &#151; 0.5%</FONT></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Maricopa
        County, AZ, Hospital Revenue:</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">75,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samaritan
        Health Service, 7.625% due 1/1/08 (b)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">77,043</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">684,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St.
        Lukes Medical Center, 8.750% due 2/1/10 (b)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">755,328</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">70,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Pima
        County, AZ, IDA, Single-Family Housing Authority Revenue, <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
        A, GNMA/FNMA-Insured, FHLMC-Collateralized,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.100% due 11/1/29 (c)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">70,690</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>



    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR valign="middle">
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><FONT size=1 face="Arial, Helvetica, sans-serif">Total
        Arizona</FONT></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><FONT size=1 face="Arial, Helvetica, sans-serif">903,061</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><B><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Arkansas
        &#151; 1.5%</FONT></B><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,500,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">BBB</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Arkansas
        State Development Finance Authority Hospital Revenue, Washington </FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Regional Medical Center, Call 2/1/10 @ 100, 7.000% due 2/1/15 (d)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">1,698,195</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="top">
      <TD BGCOLOR="#ffffed" HEIGHT="12" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,000,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">BB</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Warren
        County, AR, Solid Waste Disposal Revenue, Potlatch Corp. Project, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%
        due 4/1/12 (c)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">1,101,460</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><FONT size=1 face="Arial, Helvetica, sans-serif">Total
        Arkansas</FONT></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><FONT size=1 face="Arial, Helvetica, sans-serif">2,799,655</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><B><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;California
        &#151; 5.4%</FONT></B><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,500,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">NR</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Barona,
        CA, Band of Mission Indians, GO, 8.250% due 1/1/20</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">1,568,490</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">3,000,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AA-</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">California
        State Economic Recovery, Series A, 5.000% due 7/1/17 (a)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">3,178,350</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">410,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">NR</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">California
        Statewide COP Community Development Revenue, Refunding Hospital <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad
Healthcare, &nbsp;6.250% due 8/1/06 (b)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" ALIGN="right" VALIGN="BOTTOM"><font size="1">&nbsp;</font><font size=1 face="Arial, Helvetica, sans-serif">416,740</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">10,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">NR</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Loma
        Linda, CA, Community Hospital Corp. Revenue, First Mortgage, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000% due
        12/1/08 (b)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">11,218</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">Los
        Angeles, CA:</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,115,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">NR</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP,
        Hollywood Presbyterian Medical Center, INDLC-Insured, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625% due 7/1/13
        (b)</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">1,372,643</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">1,000,000</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">AAA</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union
        School District, Series A, MBIA-Insured, 5.375% due 7/1/18</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><FONT size=1 face="Arial, Helvetica, sans-serif">1,102,500</FONT></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD colspan="10" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><B><font size="1" face="Times New Roman, Times, serif">See
        Notes to Financial Statements.</font></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></TD>
    </TR>
  </TABLE>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td align="right" valign=bottom >&nbsp;</td>
    <td align="right"  valign=bottom >&nbsp;</td>
  </tr>
  <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
        Annual Report</font></td>
    <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">7</font></td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
   <font face="Arial, Helvetica, sans-serif"><br>
   </font>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>

  <PAGE>

</div>

<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td bgcolor="#FFE607" height="25"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule of Investments (December 31, 2005) (continued)</font></b> </td>
    </tr>
  </table>
  <table width="100%" border=0 cellspacing=0 cellpadding=0>
    <tr>
      <td height="30" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</font></b></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</font></b></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</font></b></td>
      <td valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td valign="bottom" bgcolor="#ffffed"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</font></b></td>
      <td bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="3" colspan="10"></td>
    </tr>
    <tr>
      <td height="3" colspan="10" bgcolor="#ffe607"></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan="6" bgcolor="#ffffed" height="14" valign="bottom"><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;California
        &#151; 5.4% (continued)</font></b></td>
      <td width="10" bgcolor="#ffffed" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10" bgcolor="#ffffed" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right" bgcolor="#ffffed" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10" bgcolor="#ffffed" valign="bottom"><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td width="10"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;$</font></td>
      <td align="right" width="45"><font face="Arial, Helvetica, sans-serif" size="1">1,450,000</font></td>
      <td align="right" width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="35"><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Morgan Hill, CA,
        USD, FGIC-Insured, 5.750% due 8/1/17</font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10"><font face="Arial, Helvetica, sans-serif" size="1">$</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,619,273</font></td>
      <td width="10"><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">365,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">San Francisco, CA,
        Airport Improvement Corp. Lease Revenue,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
        Airlines, Inc., 8.000% due 7/1/13 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">426,554</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">120,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">San Leandro, CA,
        Hospital Revenue, Vesper Memorial Hospital,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed" valign="top">
      <td height="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.500%
        due 5/1/11 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">147,583</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td bgcolor="#ffffed" height="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><b><font face="Arial, Helvetica, sans-serif" size="1">Total California</font></b></td>
      <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">9,843,351</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan=6 bgcolor="#ffffed" valign="bottom" height="14"><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;Colorado
        &#151; 5.5%</font></b></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,860,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Aaa(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Broomfield, CO, COP,
        Open Space Park &amp; Recreation Facilities,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBAC-Insured,
        5.500% due 12/1/20 (a)(b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">2,004,540</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Colorado Educational
        &amp; Cultural Facilities Authority Revenue</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter
        School:</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,000,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">BBB-</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bromley
        East Project, Series A, Call 9/15/11 @ 100,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%
        due 9/15/20 (d)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,172,450</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,155,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bromley
        School Project, XLCA-Insured, 5.125% due 9/15/20</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,242,145</font></td>
      <td><font size="1">&nbsp;</font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,350,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refunding
        &amp; Improvement, University Lab School, XLCA-Insured,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%
        due 6/1/24</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,452,438</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">500,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Baa2(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University
        Lab School Project, Call 6/1/11 @ 100,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%
        due 6/1/21 (d)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">562,280</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">710,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">BBB</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Denver, CO, Health
        &amp; Hospital Authority, Series A,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%
        due 12/1/16</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">774,156</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,765,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Pueblo, CO, Bridge
        Waterworks Water Revenue Improvement, Series A,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSA-Insured,
        Call 11/1/10 @ 100, 6.000% due 11/1/14 (a)(d)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,961,621</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td height="12" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="1">750,000</font></td>
      <td align="right" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font face="Arial, Helvetica, sans-serif" size="1">A</font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font face="Arial, Helvetica, sans-serif" size="1">SBC
        Metropolitan District, CO, GO, ACA-Insured, 5.000% due 12/1/25</font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="1">765,240</font></td>
      <td valign="top"><font size="1"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td height="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><b><font face="Arial, Helvetica, sans-serif" size="1">Total Colorado</font></b></td>
      <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">9,934,870</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan=6 bgcolor="#ffffed" valign="bottom" height="14"><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;Connecticut
        &#151; 3.3%</font></b></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">2,000,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AA</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Connecticut State
        HEFA Revenue, Bristol Hospital, Series B,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%
        due 7/1/21 (a)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">2,181,840</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,855,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">A</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Connecticut State
        Special Obligation Parking Revenue, Bradley</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International
        Airport, Series A, ACA-Insured,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%
        due 7/1/12 (a)(c)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,999,152</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,500,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Connecticut State
        Special Tax Obligation Revenue, RITES, Series A,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td height="12" valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSA-Insured,
        6.423% due 10/1/09 (f)</font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="top"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right" valign="top"><font face="Arial, Helvetica, sans-serif" size="1">1,755,900</font></td>
      <td valign="top"><font size="1"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td height="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><b><font face="Arial, Helvetica, sans-serif" size="1">Total Connecticut</font></b></td>
      <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">5,936,892</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan=6 bgcolor="#ffffed" valign="bottom" height="14"><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;Florida
        &#151; 4.8%</font></b></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td bgcolor="#ffffed" valign="bottom" height="14"><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">195,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Lee County, FL, Southwest
        Florida Regional Airport Revenue,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBIA-Insured,
        8.625% due 10/1/09 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">216,243</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">3,250,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Lee, FL, Memorial
        Health System, Hospital Revenue, Series A,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSA-Insured,
        5.750% due 4/1/14 (a)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">3,576,137</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,690,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">NR</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Old Palm Community
        Development District, FL, Palm Beach Gardens,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
        B, 5.375% due 5/1/14</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,721,299</font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="center">
      <td colspan="10"><b><font size="1" face="Times New Roman, Times, serif">See
        Notes to Financial Statements.</font></b></td>
    </tr>
  </table>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="40" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">8</font></td>
      <td valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
        Annual Report</font></td>
    </tr>
  </table>

  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
   <font face="Arial, Helvetica, sans-serif"><br>
   </font>
   <div style='width:600;'>

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

</div>
</div>
<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td bgcolor="#FFE607" height="25"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font><font size="2" face="sans-serif" color="#FFFFFF">Schedule
        of Investments (December 31, 2005) (continued)</font></b> </td>
    </tr>
  </table>
  <table width="100%" border=0 cellspacing=0 cellpadding=0>
    <tr>
      <td height="30" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</font></b></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</font></b></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</font></b></td>
      <td valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td valign="bottom" bgcolor="#ffffed"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</font></b></td>
      <td bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="3" colspan="10"></td>
    </tr>
    <tr>
      <td height="3" colspan="10" bgcolor="#ffe607"></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan=7 height="14" valign="bottom"><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;Florida
        &#151; 4.8% (continued)</font></b></td>
      <td height="14" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td height="14" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td height="14" valign="bottom"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="45"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="30"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Orange County, FL,
        Health Facilities Authority Revenue:</font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td width="10"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;$</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">700,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">NR</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First
        Mortgage Healthcare Facilities, 8.750% due 7/1/11</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">$</font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">731,829</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,500,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">A+</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospital
        Adventist Health Systems, 6.250% due 11/15/24</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,676,820</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">455,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern
        Adventist Hospital, Adventist Health Systems,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%
        due 10/1/09 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">505,833</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">310,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">NR</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Sanford, FL, Airport
        Authority Industrial Development Revenue,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed" valign="top">
      <td height="12"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central
        Florida Terminals Inc. Project A, 7.500% due 5/1/06 (c)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">310,130</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td bgcolor="#ffffed" height="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><b><font face="Arial, Helvetica, sans-serif" size="1">Total Florida</font></b></td>
      <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">8,738,291</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan=6 valign="bottom" height="14"><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;Georgia
        &#151; 3.8%</font></b></td>
      <td valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td valign="bottom" height="14"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">970,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Aaa(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Athens, GA, Housing
        Authority Student Housing Lease Revenue,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University
        of Georgia East Campus, AMBAC-Insured,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%
        due 12/1/23</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,040,073</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">650,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">A-</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Chatham County, GA,
        Hospital Authority Revenue, Hospital Memorial</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health
        Medical Center, Series A, 6.000% due 1/1/17</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">705,672</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,000,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Gainesville, GA,
        Water &amp; Sewer Revenue, FSA-Insured,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%
        due 11/15/20</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,085,840</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">500,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">A1(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Georgia Municipal
        Electric Authority, Power System Revenue, Series X,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%
        due 1/1/12</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">549,940</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,000,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Griffin, GA, Combined
        Public Utilities Revenue, Refunding &amp;</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improvement,
        AMBAC-Insured, 5.000% due 1/1/21</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,066,320</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">2,120,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Metropolitan Atlanta
        Rapid Transit Georgia Sales Tax Revenue,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
        E, 7.000% due 7/1/11 (a)(b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">2,412,200</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td height="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><b><font face="Arial, Helvetica, sans-serif" size="1">Total Georgia</font></b></td>
      <td align="center"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">6,860,045</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr>
      <td height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td colspan=6><b><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;Illinois
        &#151; 4.9%</font></b></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">535,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">NR</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Bourbonnais, IL,
        Industrial Development Revenue, Refunding Kmart</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp.
        Project, 6.600% due 10/1/06 (g)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">5,350</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,500,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Chicago, IL, O&#146;Hare
        International Airport Revenue, Refunding Bonds,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lien
        A-2, FSA-Insured, 5.750% due 1/1/19 (c)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,657,470</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,000,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Cicero, IL, Tax Increment,
        Series A, XLCA-Insured, 5.250% due 1/1/21</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,074,830</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,030,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Glendale Heights,
        IL, Hospital Revenue, Refunding Glendale Heights</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project,
        Series B, 7.100% due 12/1/15 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,210,436</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,000,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Harvey, IL, GO, Radian-Insured,
        6.700% due 2/1/09</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,002,830</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">485,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">BBB</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Illinois Development
        Finance Authority, Chicago Charter School</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation
        Project A, 5.250% due 12/1/12</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">502,576</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Illinois Health Facilities
        Authority Revenue:</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">440,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methodist
        Medical Center of Illinois Project,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%
        due 10/1/10 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">498,938</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">265,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ravenswood
        Hospital Medical Center Project,</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%
        due 8/1/06 (b)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">270,997</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,310,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">AAA</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Kane County, IL,
        GO, FGIC-Insured, 5.500% due 1/1/14</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">1,440,620</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Mount Veron, IL,
        Elderly Housing Corp., First Lien Revenue:</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">235,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Ba3(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%
        due 4/1/06</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">234,847</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">250,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Ba3(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%
        due 4/1/07</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">250,083</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr bgcolor="#ffffed">
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">270,000</font></td>
      <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">Ba3(e)</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%
        due 4/1/08</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
      <td align="right"><font face="Arial, Helvetica, sans-serif" size="1">270,051</font></td>
      <td><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    </tr>
    <tr>
      <td><font size="1"></font></td>
      <td><font size="1">&nbsp;</font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
      <td><font size="1"></font></td>
    </tr>
    <tr align="center">
      <td colspan="10"><b><font size=1>See Notes to Financial Statements.</font></b></td>
    </tr>
  </table>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom >&nbsp;</td>
      <td align="right"  valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
        Annual Report</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">9</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2 face="Arial, Helvetica, sans-serif">&nbsp;</font></p>
  <font face="Arial, Helvetica, sans-serif"><br>
  </font>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <page> </div>



<div style='width:600;'>

  <TABLE WIDTH="600" CELLPADDING="0" CELLSPACING="0">
    <TR>
      <TD height="30" colspan="10" bgcolor="#FFE607" valign="middle"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
        of Investments (December 31, 2005) (continued) </font></b></TD>
    </TR>
    <TR>
      <TD HEIGHT="30" BGCOLOR="#ffffed" WIDTH="10" ALIGN="LEFT"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="45"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</FONT></B></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="32"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</FONT></B></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</FONT></B></TD>
      <TD VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="bottom" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="bottom" BGCOLOR="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</FONT></B></TD>
      <TD BGCOLOR="#ffffed" WIDTH="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD colspan="6" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Illinois
        &#151; 4.9% (continued) </font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD HEIGHT="0" BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;$</font></TD>
      <TD width="45" height="0" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD width="10" height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="32" height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>

      <TD width="10" height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Will
        County, IL, GO, School District North 122 New Lenox, Capital</font></TD>
      <TD width="10" height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10" height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="8" height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD HEIGHT="0" BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appreciation
        Refunding School, Series D, FSA-Insured, zero coupon</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD HEIGHT="0" BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bond
        to yield 5.188% due 11/1/24</font></TD>
      <TD height="0" align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="0" align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD height="0" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">417,110</font></TD>
      <TD height="0" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Illinois</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">8,836,138</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Indiana
        &#151; 0.6%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">800,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Ball
        State University, Indiana University Revenue, Student Fee,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" HEIGHT="11" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        K, FGIC-Insured, 5.750% due 7/1/20</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">872,568</font></TD>
      <TD bgcolor="#ffffed" height="11"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">240,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Madison
        County, IN, Hospital Authority Facilities Revenue, Community</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Hospital
        of Anderson Project, 9.250% due 1/1/10 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">266,746</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Indiana</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,139,314</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"><B><FONT size=1>&nbsp;&nbsp;Iowa
        &#151; 1.2%</FONT></B><font size="1">&nbsp;</font></font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">A1(e)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Iowa
        Finance Authority, Health Care Facilities Revenue, Genesis</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Medical
        Center, 6.250% due 7/1/20</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,086,480</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">940,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Muscatine,
        IA, Electric Revenue, 9.700% due 1/1/13 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,153,192</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Iowa</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,239,672</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif"><B>&nbsp;&nbsp;</B>Kansas
        &#151; 1.9%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">BBB</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Burlington,
        KS, Environmental Improvement Revenue, Kansas City</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Power
        &amp; Light Project, Refunding, 4.750% due 10/1/07 (h)(i)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,015,780</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,245,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Johnson
        County, KS, Union School District, Series A, Call 10/1/09</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;@
        100, 5.125% due 10/1/20 (a)(d)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,383,831</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Kansas</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">3,399,611</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif"><B>&nbsp;&nbsp;</B>Louisiana
        &#151; 1.2%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">320,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Louisiana
        Public Facilities Authority Hospital Revenue, Southern Baptist</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Hospital
        Inc. Project, Aetna-Insured, 8.000% due 5/15/12 (a)(b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">362,410</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,690,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Monroe,
        LA, Sales &amp; Use Tax Revenue, FGIC-Insured,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.625%
        due 7/1/25</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,855,400</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Louisiana</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,217,810</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif"><B>&nbsp;&nbsp;</B>Maryland
        &#151; 1.8%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Maryland
        State Health &amp; Higher EFA Revenue, Refunding Mercy</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Medical
        Center, FSA-Insured, 6.500% due 7/1/13</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,132,160</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Montgomery
        County, MD, GO, 5.250% due 10/1/14 (a)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,176,140</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Maryland</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">3,308,300</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"><B><FONT size=1>&nbsp;&nbsp;Massachusetts
        &#151; 7.1%</FONT></B><font size="1">&nbsp;</font></font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">690,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Boston,
        MA, Water &amp; Sewer Commission Revenue,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;10.875%
        due 1/1/09 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">765,431</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,130,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Lancaster,
        MA, GO, AMBAC-Insured, 5.375% due 4/15/17</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,241,418</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,500,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Massachusetts
        State, GO, RITES, Series PA 993-R, MBIA-Insured,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;6.650%
        due 5/1/09 (f)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,780,350</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Massachusetts
        State DFA Revenue:</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">500,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">A</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Curry
        College, Series A, ACA-Insured, 6.000% due 3/1/20</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">533,140</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">370,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;VOA
        Concord, Series A, GNMA-Collateralized, 6.700% due 10/20/21</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">422,681</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" ALIGN="LEFT"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan="10" align="center"><B><FONT size=1>See Notes to Financial Statements.</FONT></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
  </TABLE>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom >&nbsp;</td>
      <td align="right"  valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">10</font></td>
      <td align="left"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif"><B><FONT color="#FFE607" size=1 face="sans-serif">Intermediate Muni Fund, Inc. </FONT></B><FONT size=1 face="sans-serif">2005 Annual Report</FONT></font></td>
    </tr>
  </table>
  <hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
  <PAGE>

</div>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0 bgcolor="#ffffed">
    <TR>
      <TD height="31" colspan=10 bgcolor="#FFE607" valign="middle"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
        of Investments (December 31, 2005) (continued) </font></b></TD>
    </TR>
    <TR>
      <TD height="30" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Face<br>
        Amount</font></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Rating&#135;</font></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Security</font></B></TD>
      <TD valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="bottom" bgcolor="#ffffed"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Value</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Massachusetts
        &#151; 7.1% (continued)</font></B></TD>
      <TD width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Massachusetts State
        HEFA Revenue:</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;$</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Berkshire
        Health Systems, Series F, 5.000% due 10/1/19</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,052,710</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Caritas
        Christi Obligation, Series B:</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">BBB</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%
        due 7/1/12 (a)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">2,188,800</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">835,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">BBB</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%
        due 7/1/16</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">936,953</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">BBB-</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Milford-Whitinsville
        Regional Hospital, Series D,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%
        due 7/15/23</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,080,620</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">NR</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Winchester
        Hospital, Series E, Call 7/1/10 @ 101,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%
        due 7/1/30 (d)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,129,590</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,100,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Massachusetts State
        Industrial Finance Agency Assisted Living Facility</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Revenue,
        Arbors at Amherst Project, GNMA-Collateralized,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.750%
        due 6/20/17 (c)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,179,167</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">500,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">A3(e)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">New England Education
        Loan Marketing Corp. Massachusetts Student</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Loan
        Revenue, Sub-Issue H, 6.900% due 11/1/09 (c)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">528,365</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Massachusetts</font></B></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">12,839,225</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Michigan
        &#151; 3.4%</font></B></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,775,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Carrier Creek, MI,
        Drain District No. 326, AMBAC-Insured,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.000%
        due 6/1/24</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,880,080</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Jenison, MI, Public
        Schools GO, Building and Site, FGIC-Insured,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.500%
        due 5/1/20</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,092,930</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Memphis, MI, Community
        Schools GO, 5.150% due 5/1/19</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,039,170</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">A</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Michigan State Hospital
        Finance Authority Revenue, Oakwood</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Obligated
        Group, 5.500% due 11/1/18</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,074,460</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Walled Lake, MI,
        Consolidated School District, MBIA-Insured,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.000%
        due 5/1/22</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,056,380</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Michigan</font></B></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">6,143,020</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Missouri
        &#151; 1.7%</font></B></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Hazelwood, MO, School
        District, Missouri Direct Deposit Program,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        A, FGIC-Insured, 5.000% due 3/1/23</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,061,010</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">405,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">A-(j)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Lees Summit, MO,
        IDA Health Facilities Revenue, John Knox Village,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.750%
        due 8/15/11</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">431,074</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Missouri State Environmental
        Improvement &amp; Energy Resource</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Authority,
        Water Pollution Control, State Revolving Funds Program,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        C, 5.250% due 7/1/18</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">1,127,180</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">40,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Missouri State Housing
        Development Community Mortgage Revenue,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        C, GNMA/FNMA-Collateralized, 7.450% due 9/1/27 (c)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">41,232</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">345,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">Nevada, MO, Waterworks
        Systems Revenue, AMBAC-Insured,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;10.000%
        due 10/1/10 (b)</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">406,441</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">5,000</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">St. Louis County,
        MO, Single-Family Mortgage Revenue, MBIA Insured,</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;6.750%
        due 4/1/10</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">5,195</font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="left"><b><font size="1" face="Arial, Helvetica, sans-serif">Total
        Missouri</font></b></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right"><font size="1" face="Arial, Helvetica, sans-serif">3,072,132</font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffffed"></TD>
    </TR>
  </TABLE>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
    <tr>
      <td align="center" >&nbsp;</td>
      <td align="center" >&nbsp;</td>
    </tr>
    <tr>
        <td align="center" ><B><FONT size=1>See Notes to Financial Statements.</FONT></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="center" >&nbsp;</td>
    </tr>
    <tr>
      <td align="right" valign=bottom >&nbsp;</td>
      <td align="right"  valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td align="right" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif"><B><FONT color="#FFE607" size=1 face="sans-serif">Intermediate Muni Fund, Inc. </FONT></B><FONT size=1 face="sans-serif">2005 Annual Report</FONT></font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">11</font></td>
    </tr>
  </table>
 <hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
  <PAGE>

</div>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR bgcolor="#ffffed">
      <TD height="30" colspan="10" bgcolor="#FFE607" valign="middle"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
        of Investments (December 31, 2005) (continued) </font></b></TD>
    </TR>
    <TR bgcolor="#ffffed">
      <TD height="30" bgcolor="#ffffed" width="12"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="49"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</FONT></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="12"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="37"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</FONT></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="10"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="395"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</FONT></B></TD>
      <TD valign="bottom" bgcolor="#ffffed" width="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="bottom" bgcolor="#ffffed" width="10"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="55"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</FONT></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Nebraska
        &#151; 1.4%</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="12" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="49" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="12" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="37" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">NebHELP
        Inc. Nebraska Revenue:</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;$</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,500,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        A-5A, MBIA-Insured, 6.200% due 6/1/13 (c)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,550,505</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        A-6, MBIA-Insured, 6.450% due 6/1/18 (c)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,051,430</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="395"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Nebraska</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">2,601,935</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Nevada
        &#151; 0.6%</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">Henderson,
        NV, Health Care Facilities Revenue:</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">470,000</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">A-</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded,
        Catholic West, Series A, Call 7/1/06 @ 100,</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%
        due 7/1/09 (d)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">492,461</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">535,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">A-</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Unrefunded
        Balance, Catholic West, Series A, 6.200% due 7/1/09</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">574,772</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="395"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Nevada</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,067,233</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"><B><FONT size=1>&nbsp;&nbsp;New
        Hampshire &#151; 0.5%</FONT></B><font size="1">&nbsp;</font></font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">865,000</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">A</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">New
        Hampshire HEFA, Covenant Healthcare System,</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;6.500%
        due 7/1/17</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">976,611</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;New
        Jersey &#151; 1.3%</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,855,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">Delaware
        River Port Authority Pennsylvania and New Jersey, RITES,</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;FSA-Insured,
        6.478% due 1/1/10 (a)(f)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">2,225,407</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">170,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">Ringwood
        Borough, NJ, Sewer Authority Special Obligation,</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;9.875%
        due 7/1/13 (b)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">208,032</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="395"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        New Jersey</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">2,433,439</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;New
        Mexico &#151; 0.7%</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,100,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">Bernalillo
        County, NM, Gross Receipts Tax Revenue, AMBAC-Insured,</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;5.250%
        due 10/1/18</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,226,797</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=4 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;New
        York &#151; 2.7%</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">895,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">NR</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">New
        York City, NY, IDA, Civic Facility Revenue, Community Hospital</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn,
        6.875% due 11/1/10</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">923,353</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,760,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">New
        York State Dormitory Authority Revenue, Mental Health Services</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Facilities,
        5.000% due 2/15/18</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,877,973</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AA-</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">Tobacco
        Settlement Financing Corp., New York, Asset-Backed,</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Series
        C-1, 5.500% due 6/1/14 (a)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">2,122,680</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="395"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        New York</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">4,924,006</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif"><B><FONT size=1>&nbsp;&nbsp;North
        Carolina &#151; 1.4%</FONT></B><font size="1">&nbsp;</font></font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">170,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">Charlotte
        North Carolina Mortgage Revenue, Refunding Double Oaks</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Apartments,
        Series A, FNMA-Collateralized, 7.300% due 11/15/07</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">175,146</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">BBB</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">North
        Carolina Eastern Municipal Power Agency, Power System</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Revenue,
        Series D, 6.450% due 1/1/14</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,099,980</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">1,175,000</font></TD>
      <TD align="right" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">North
        Carolina Municipal Power Agency No. 1, Catawba Electricity</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="10" bgcolor="#ffffed" width="395"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Revenue,
        10.500% due 1/1/10 (b)</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">1,340,123</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="49"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="37"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="10" align="left" bgcolor="#ffffed" width="395"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        North Carolina</font></B></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="55"><font size="1" face="Arial, Helvetica, sans-serif">2,615,249</font></TD>
      <TD bgcolor="#ffffed" width="10"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR bgcolor="#ffffed">
      <TD height="1" colspan="10" bgcolor="#ffffed"></TD>
    </TR>
  </TABLE>
<div style='width:600;'>
  <table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
    <tr>
      <td align="center" >&nbsp;</td>
      <td align="center" >&nbsp;</td>
    </tr>
    <tr>
      <td align="center" >&nbsp;</td>
        <td align="center" ><B><FONT size=1>See Notes to Financial Statements.</FONT></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="right" valign=bottom >&nbsp;</td>
      <td align="right"  valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif"><B><font size="1" face="Arial, Helvetica, sans-serif">12</font></B></font></td>
      <td align="left"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif"><B><FONT color="#FFE607" size=1 face="sans-serif">Intermediate Muni Fund, Inc. </FONT></B><FONT size=1 face="sans-serif">2005 Annual Report</FONT></font></td>
    </tr>
  </table>
  <hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
  <PAGE>
</div>
</div>



<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td bgcolor="#FFE607" height="25" valign="middle"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
        of Investments (December 31, 2005) (continued) </font></b> </td>
    </tr>
  </table>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD colspan="10" bgcolor="#ffe607" height="3"></TD>
    </TR>
    <TR>
      <TD height="30" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</FONT></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</FONT></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</FONT></B></TD>
      <TD valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="bottom" bgcolor="#ffffed"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</FONT></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR valign="bottom" bgcolor="#ffffed">
      <TD height="14" colspan=6 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Ohio
        &#151; 7.4%</font></B></TD>
      <TD height="14" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="14" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="14" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="14" bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;$</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,370,000</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Cleveland,
        OH, Waterworks Revenue, Series K, Call 1/1/12 @ 100,</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%
        due 1/1/21 (d)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,493,889</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">1,255,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">BBB</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Cuyahoga
        County, OH, Hospital Facilities Revenue, Canton, Inc. Project,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%
        due 1/1/10</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,320,210</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">1,855,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Highland,
        OH, Local School District, School Improvement, FSA-Insured,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%
        due 12/1/19 (a)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,080,067</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Kettering,
        OH, City School District, School Improvement, FSA-Insured,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%
        due 12/1/19</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,069,630</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Lake
        County, OH, Hospital Improvement Revenue:</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">210,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake
        County Memorial Hospital Project, 8.625% due 11/1/09 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">233,635</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">115,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridgecliff
        Hospital Project, 8.000% due 10/1/09 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">125,894</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">95,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Lima,
        OH, Hospital Revenue, St. Rita Hospital of Lima,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%
        due 11/1/06 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">98,267</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,500,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">BBB-</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Ohio
        State Air Quality Development Authority Revenue, Cleveland</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pollution
        Control, Series A, 6.000% due 12/1/13</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,570,335</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">3,010,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AA+</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Ohio
        State GO, Conservation Project, Series A, 5.250% due 9/1/13 (a)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">3,234,305</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Ohio
        State Water Development Authority Revenue:</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,785,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%
        due 12/1/10 (b)(k)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,013,873</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="top">
      <TD height="12" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">245,000</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safe
        Water, Series 3, 9.000% due 12/1/10 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">273,533</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="20" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="20" align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Ohio</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">13,513,638</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="14" colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Oklahoma
        &#151; 0.7%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">55,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Oklahoma
        State Industries Authority Revenue, Hospital Oklahoma Health</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Care
        Corp., Series A, Call 5/1/07 @ 100, 9.125% due 11/1/08 (d)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">58,554</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">305,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">NR</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Tulsa,
        OK, Housing Assistance Corp., MFH Revenue,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%
        due 10/1/07 (c)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">306,656</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Tulsa,
        OK, Municipal Airport Trust Revenue, Refunding American Airlines,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
        B:</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">500,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">B-</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%
        due 6/1/35 (c)(h)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">487,530</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">500,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">B-</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" height="12" valign="top" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%
        due 12/1/35 (c)(h)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">482,995</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="20" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Oklahoma</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,335,735</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="14" colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Oregon
        &#151; 1.3%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">935,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">BBB(j)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Klamath
        Falls, OR, International Community Hospital Authority Revenue,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merle
        West Medical Center Project, 8.000% due 9/1/08 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">999,234</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,355,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">NR</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Wasco
        County, OR, Solid Waste Disposal Revenue, Waste Connections</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="12" valign="top" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inc.
        Project, 7.000% due 3/1/12 (c)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,441,571</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR valign="middle" bgcolor="#ffffed">
      <TD height="20" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" valign="middle" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Oregon</font></B></TD>
      <TD valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" valign="middle" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,440,805</font></TD>
      <TD valign="middle" bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="14" colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Pennsylvania
        &#151; 5.3%</font></B></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">865,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Conneaut,
        PA, School District GO, AMBAC-Insured,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%
        due 5/1/12 (b)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,008,841</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="43" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="32" align="left" bgcolor="#ffffed" nowrap><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Harrisburg,
        PA, Parking Authority Parking Revenue, FSA-Insured,</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%
        due 5/15/20</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,091,670</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="45" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,365,000</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="30" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AA</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Northampton
        County, PA, IDA Revenue, Mortgage Moravian Hall</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="71%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square
        Project, Radian-Insured, 5.500% due 7/1/19</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="10%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,467,184</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD colspan="10" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><B><FONT size=1>See
        Notes to Financial Statements.</FONT></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
  </TABLE>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom >&nbsp;</td>
      <td align="right"  valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font color="#000000">2005 Annual Report</font></font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">13</font></td>
    </tr>
  </table>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>

<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td bgcolor="#FFE607" height="25" valign="middle"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
        of Investments (December 31, 2005) (continued) </font></b> </td>
    </tr>
  </table>
  <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
    <TR>
      <TD colspan="10" bgcolor="#ffe607" height="3"></TD>
    </TR>
    <TR>
      <TD HEIGHT="30" BGCOLOR="#ffffed" WIDTH="10" VALIGN="TOP"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="TOP" BGCOLOR="#ffffed" WIDTH="9%"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
        Amount</FONT></B></TD>
      <TD ALIGN="center" VALIGN="TOP" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="TOP" BGCOLOR="#ffffed" WIDTH="7%"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</FONT></B></TD>
      <TD ALIGN="center" VALIGN="TOP" BGCOLOR="#ffffed" WIDTH="10"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="TOP" BGCOLOR="#ffffed" WIDTH="71%"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</FONT></B></TD>
      <TD VALIGN="TOP" BGCOLOR="#ffffed" WIDTH="10"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD VALIGN="BOTTOM" BGCOLOR="#ffffed" WIDTH="1%"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" VALIGN="BOTTOM" BGCOLOR="#ffffed" WIDTH="10%"><B><FONT color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</FONT></B></TD>
      <TD BGCOLOR="#ffffed" WIDTH="10" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD height="14" colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Pennsylvania
        &#151; 5.3% (continued)</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Pennsylvania
        State IDA Revenue, Economic Development,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBAC-Insured,
        5.500% due 7/1/21</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">1,098,730</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM">&nbsp;</TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">100,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Philadelphia,
        PA, Hospital Authority Revenue, Thomas Jefferson<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University
        Hospital, 7.000% due 7/1/08 (b)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">104,819</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Philadelphia,
        PA, School District, Series A, FSA-Insured, Call 2/1/12<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;@
        100, 5.500% due 2/1/23 (d)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">1,102,200</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM">&nbsp;</TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Philadelphia,
        PA, Water &amp; Wastewater, Series B, FGIC-Insured,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%
        due 11/1/14 (a)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">2,181,520</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM">&nbsp;</TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">1,350,000</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="12" VALIGN="top" BGCOLOR="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Pittsburgh,
        PA, School District GO, FSA-Insured, 5.375% due 9/1/16</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">1,518,426</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Pennsylvania</font></B></TD>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD HEIGHT="20" ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">9,573,390</font></TD>
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Puerto
        Rico &#151; 0.9%</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">1,500,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">BBB-</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Puerto
        Rico Housing Bank &amp; Finance Agency, 7.500% due 12/1/06</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">1,544,805</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Rhode
        Island &#151; 0.6%</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">AA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Central
        Falls, RI, GO, Radian-Insured, 5.875% due 5/15/15</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="top"><font size="1" face="Arial, Helvetica, sans-serif">1,090,770</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="top"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;South
        Carolina &#151; 3.4%</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">95,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Anderson
        County, SC, Hospital Facilities Revenue, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%
        due 8/1/07 (b)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">98,550</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">1,445,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AA-</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Charleston,
        SC, Waterworks &amp; Sewer Revenue, 5.250% due 1/1/16</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">1,558,895</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Greenville
        County, SC, School District Installment Purchase Revenue,</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building
        Equity Sooner for Tomorrow:</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">900,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AA-</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%
        due 12/1/21</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">994,401</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call
        12/1/12 @ 101:</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AA-</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%
        due 12/1/19 (a)(d)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">2,279,720</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">1,100,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AA-</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%
        due 12/1/21 (d)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">1,262,151</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        South Carolina</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">6,193,717</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;South
        Dakota &#151; 1.9%</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">2,400,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Aa2(e)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Minnehana
        County, SD, GO, Limited Tax Certificates, Call 12/1/10</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;@
        100, 5.625% due 12/1/20 (a)(d)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">2,604,312</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">795,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">A</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">South
        Dakota Economic Development Finance Authority, Economic</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development
        Revenue, APA Optics, Series A, 6.750% due 4/1/16 (c)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">816,258</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR valign="middle" bgcolor="#ffffed">
      <TD HEIGHT="20" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="center" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        South Dakota</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">3,420,570</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Tennessee
        &#151; 0.6%</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">530,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Jackson,
        TN, Water &amp; Sewer Revenue, 7.200% due 7/1/12 (b)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">590,007</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">400,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Baa1(e)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">McMinnville,
        TN, Housing Authority Revenue, Refunding First</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage
        Beersheba Heights, 6.000% due 10/1/09</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">414,788</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Tennessee</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="middle"><font size="1" face="Arial, Helvetica, sans-serif">1,004,795</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="middle"><font size="2">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Texas
        &#151; 9.0%</font></B></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Aa3(e)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Brazos
        River, TX, Harbor Navigation District, BASF Corp. Project,</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%
        due 2/1/10 (a)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">2,236,580</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">Dallas,
        TX, Area Rapid Transit Sales Tax Revenue, Senior Lien,</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="left" BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBAC-Insured,
        5.375% due 12/1/16 (a)</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="TOP"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD ALIGN="right" BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">2,161,860</font></TD>
      <TD BGCOLOR="#ffffed" VALIGN="BOTTOM"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="TOP"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="BOTTOM"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="BOTTOM"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD VALIGN="BOTTOM"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD colspan="10" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><B><FONT size=1>See
        Notes to Financial Statements.</FONT></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
  </TABLE>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="40" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">14</font></td>
      <td valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
        Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
          Annual Report</font></td>
    </tr>
  </table>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>

<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td bgcolor="#FFE607" height="25" valign="middle"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
        of Investments (December 31, 2005) (continued) </font></b> </td>
    </tr>
  </table>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD colspan="10" bgcolor="#ffe607" height="3"></TD>
    </TR>
    <TR>
      <TD height="30" bgcolor="#ffffed" width="12"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="81"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Face<br>
        Amount</font></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="5"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="69"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Rating&#135;</font></B></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="5"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="700"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Security</font></B></TD>
      <TD valign="bottom" bgcolor="#ffffed" width="4"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD valign="bottom" bgcolor="#ffffed" width="9"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" valign="bottom" bgcolor="#ffffed" width="98"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Value</font></B></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR valign="bottom" bgcolor="#ffffed">
      <TD height="14" colspan=6 bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Texas
        &#151; 9.0% (continued)</font></B></TD>
      <TD height="14" bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="14" bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="14" bgcolor="#ffffed" width="98"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="14" bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="9%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="left" bgcolor="#ffffed" width="7%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Dallas-Fort
        Worth, TX:</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="12" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;$</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,500,000</font></TD>
      <TD width="10" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">CCC</font></TD>
      <TD width="5" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International
        Airport Facility, Improvement Corp. Revenue, Refunding,</font></TD>
      <TD width="4" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="4" bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
        Airlines, Series C, 6.150% due 11/1/07 (c)(h)(i)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,446,705</font></TD>
      <TD width="4" bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International
        Airport Revenue, Refunding, Series B, FSA-Insured,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%
        due 11/1/20</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,075,860</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">El
        Paso County, TX, Housing Finance Corp.:</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">275,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Baa3(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La
        Plaza Apartments, Sub-Series C, 8.000% due 7/1/30</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">281,322</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">360,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">A3(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFH
        Revenue, Series A, American Village Communities,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%
        due 12/1/24</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">370,944</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">El
        Paso, TX, Water &amp; Sewer Revenue, Refunding &amp; Improvement,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
        A, FSA-Insured:</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">45,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%
        due 3/1/15</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">50,570</font></TD>
      <TD bgcolor="#ffffed"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">955,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call
        3/1/12 @ 100, 6.000% due 3/1/15 (d)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,074,318</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Fort
        Worth, TX, Water &amp; Sewer Revenue, Call 2/15/12 @ 100,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%
        due 2/15/17 (a)(d)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,213,380</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">585,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Grand
        Prairie, TX, Housing Finance Corp., MFH Revenue, Landings of</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier
        Project, Series A, GNMA-Collateralized, 6.650% due 9/20/22</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">654,796</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Harris
        County, TX, Hospital District Revenue, MBIA-Insured,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%
        due 2/15/15</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,101,090</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,900,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">NR</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">IAH
        Public Facilities Corp. Project Revenue, 7.000% due 5/1/15 (a)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,885,674</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,000,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Southwest
        Higher Education Authority Inc., Southern Methodist</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University
        Project, AMBAC-Insured, 5.500% due 10/1/19</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,102,050</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">275,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Tarrant
        County, TX, Hospital Authority Revenue, Adventist Health</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;System-Sunbelt,
        10.250% due 10/1/10 (b)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">323,532</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">225,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Texas
        State Department Housing Community Affairs Home Mortgage</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue,
        RIBS, Series C-2, GNMA/FNMA/FHLMC-Collateralized,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.383%
        due 7/2/24 (c)(l)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">224,262</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9%" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">130,000</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="7%" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">NR</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="12" valign="top" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Tom
        Green County, TX, Hospital Authority, 7.875% due 2/1/06 (b)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="9" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">130,411</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="20" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="81"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="69"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="20" align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Texas</font></B></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="98"><font size="1" face="Arial, Helvetica, sans-serif">16,333,354</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="14" colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Utah
        &#151; 1.8%</font></B></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="98"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,580,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Salt
        Lake &amp; Sandy, UT, Metropolitan Water District Revenue, Series A,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMBAC-Insured,
        5.000% due 7/1/24</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,667,943</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Spanish
        Fork City, UT, Water Revenue, FSA-Insured:</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,135,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%
        due 6/1/16</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,241,724</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">350,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" align="left" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="12" valign="top" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call
        6/1/12 @ 100, 5.500% due 6/1/16 (d)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">387,726</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="81"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="69"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="20" align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Utah</font></B></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="98"><font size="1" face="Arial, Helvetica, sans-serif">3,297,393</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD height="14" colspan=6 valign="bottom" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Washington
        &#151; 1.9%</font></B></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="98"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,250,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Aaa(e)</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Cowlitz
        County, WA, School District, No. 122 Longview, FSA-Insured,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%
        due 12/1/19</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">1,353,862</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="81" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,000,000</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="69" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">AAA</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">Energy
        Northwest Washington Electric Revenue, Project No. 3, Series A,</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="81"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="69"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="12" valign="top" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSA-Insured,
        5.500% due 7/1/18 (a)</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="98" align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">2,183,280</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR valign="middle" bgcolor="#ffffed">
      <TD height="20" bgcolor="#ffffed" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="81"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="69"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#ffffed" width="5"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD height="20" align="left" bgcolor="#ffffed"><B><font size="1" face="Arial, Helvetica, sans-serif">Total
        Washington</font></B></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#ffffed" width="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#ffffed" width="98"><font size="1" face="Arial, Helvetica, sans-serif">3,537,142</font></TD>
      <TD bgcolor="#ffffed" width="4"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="10" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD width="12">&nbsp;</TD>
      <TD width="81">&nbsp;</TD>
      <TD width="5">&nbsp;</TD>
      <TD width="69">&nbsp;</TD>
      <TD width="5">&nbsp;</TD>
      <TD width="700">&nbsp;</TD>
      <TD width="4">&nbsp;</TD>
      <TD width="9">&nbsp;</TD>
      <TD width="98">&nbsp;</TD>
      <TD width="4"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD colspan="10" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><B><FONT size=1>See
        Notes to Financial Statements.</FONT></B><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
  </TABLE>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom >&nbsp;</td>
      <td align="right"  valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font color="#000000">2005 Annual Report</font></font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">15</font></td>
    </tr>
  </table>
  <hr noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>










<div>
  <div style='width:600;'>
    <table width="600" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td bgcolor="#FFE607" height="25"><b><font color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Schedule
          of Investments (December 31, 2005) (continued)</font></b> </td>
      </tr>

    </table>
    <table width="100%" border=0 cellpadding=0 cellspacing=0>
      <tr>
        <td colspan="10" bgcolor="#ffe607" height="3"></td>
      </tr>
      <tr>
        <td height="30" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Face<br>
          Amount</font></b></td>
        <td align="center" valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Rating&#135;</font></b></td>
        <td align="center" valign="bottom" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Security</font></b></td>
        <td valign="bottom" bgcolor="#ffffed"><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td valign="bottom" bgcolor="#ffffed"><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" valign="bottom" bgcolor="#ffffed"><b><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Value</font></b></td>
        <td bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="3" colspan="10"></td>
      </tr>
      <tr bgcolor="#ffe607">
        <td height="3" colspan="10"></td>
      </tr>
      <tr>
        <td colspan=6 valign="bottom" bgcolor="#ffffed" height="15"><b><font size=1 face="Arial, Helvetica, sans-serif">West
          Virginia &#151; 0.1% </font></b><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="10" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">$</font></td>
        <td width="45" align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">115,000</font></td>
        <td width="10" bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td width="30" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">AAA</font></td>
        <td width="10" bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="sans-serif">Cabell Putnam &amp;
          Wayne Counties, WV, Single-Family Residence</font></td>
        <td width="10" bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td width="10" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td width="10" bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage
          Revenue, FGIC-Insured, 7.375% due 4/1/10 (b)</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">$</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">123,136</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><b><font size=1 face="Arial, Helvetica, sans-serif">Wisconsin
          &#151; 1.2%</font></b></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">2,000,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">BBB</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">La
          Crosse, WI, Resource Recovery Revenue, Refunding Bonds, Northern</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States Power Co. Project, Series A, 6.000%
          due 11/1/21 (a)(c)</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">2,146,300</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed" height="20"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="center" bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="left" bgcolor="#ffffed"><b><font size="2" face="Arial, Helvetica, sans-serif">TOTAL
          INVESTMENTS BEFORE SHORT-TERM <br>
          INVESTMENTS</font><font size=1 face="Arial, Helvetica, sans-serif"><br>
          </font></b><font size=1 face="Arial, Helvetica, sans-serif">(Cost &#151;
          $171,602,726) </font></td>
        <td bgcolor="#ffffed"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed" valign="bottom"><font size=1 face="Arial, Helvetica, sans-serif"><b>178,367,946</b></font></td>
        <td bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>

      <tr>
        <td height="3" colspan="10" bgcolor="#ffffff"></td>
      </tr>


      <tr>
        <td colspan=6 valign="bottom" bgcolor="#ffffed" height="20"><b><font size="2" face="Arial, Helvetica, sans-serif">SHORT-TERM
          INVESTMENTS (m) &#151; 1.9%</font></b></td>
        <td bgcolor="#ffffed" height="20"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right" height="20"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="20"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="20"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><b><font size=1 face="Arial, Helvetica, sans-serif">Alaska
          &#151; 0.5%</font></b></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">900,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">Valdez,
          AK, Marine Terminal, BP Pipelines Inc. Project, Series B,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr valign="top">
        <td bgcolor="#ffffed" height="12"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.780%, 1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">900,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><b><font size=1 face="Arial, Helvetica, sans-serif">Colorado
          &#151; 0.1%</font></b></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">300,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">VMIG1(e)</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">Colorado
          Educational &amp; Cultural Facilities Authority Revenue,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National
          Jewish Federal Bond Program, LOC-Bank of America NA,<br>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 1/3/06 </font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed" valign="bottom"><font size=1 face="Arial, Helvetica, sans-serif">300,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td colspan=6 valign="bottom" bgcolor="#ffffed" height="14"><b><font size=1 face="Arial, Helvetica, sans-serif">New
          York &#151; 0.1%</font></b></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">100,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">Long
          Island Power Authority, NY, Electric System Revenue,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated
          Series 2, 2B, LOC-Bayerische Landesbank,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%,
          1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed">
          <div align="right"><font size="1">&nbsp;</font><font size=1 face="Arial, Helvetica, sans-serif">100,000</font></div>
        </td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed" colspan="6"><font size=1 face="Arial, Helvetica, sans-serif">
          <b>Pennsylvania &#151; 0.1%</b></font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">100,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">Pennsylvania
          State Higher EFA, Carnegie Mellon University, Series B, </font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPA-Morgan
          Guaranty Trust, 3.700%, 1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed" valign="bottom"><font size=1 face="Arial, Helvetica, sans-serif">100,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed" colspan="4"><font size="1"><b>&nbsp;</b></font><b><font size=1 face="Arial, Helvetica, sans-serif">Texas
          &#151; 1.1%</font></b></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">Bell
          County, TX, Health Facilities Development Corp. Revenue, Scott &amp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White
          Memorial Hospital:</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">700,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFA,
          Series 2001-2, MBIA-Insured, SPA-Westdeutsche</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landesbank,
          3.700%, 1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">700,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">500,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
          B-2, MBIA-Insured, SPA-Chase Bank of Texas N.A.,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%,
          1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">500,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">600,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">Harris
          County, TX, Health Facilities Development Corp. Revenue,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
          Facilities, Texas Medical Center Project, MBIA-Insured,</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPA-Chase
          Manhattan Bank, 3.700%, 1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">600,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">300,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">A-1+</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif"><FONT size=1 face="sans-serif">Texas
          Water Development Board Revenue, Refunding,</FONT><FONT size=1 face="sans-serif">State
          Revolving</FONT></font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" height="15"><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund,
          SPA-JPMorgan Chase Bank, 3.750%, 1/3/06</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
        <td bgcolor="#ffffed" align="right"><font size="1">&nbsp;</font></td>
        <td align="right" bgcolor="#ffffed"><font size=1 face="Arial, Helvetica, sans-serif">300,000</font></td>
        <td bgcolor="#ffffed"><font size="1">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr bgcolor="#ffffed">
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif"><b>Total Texas</b></font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size=1 face="Arial, Helvetica, sans-serif">2,100,000</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr bgcolor="#ffffed">
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif"><b><font size="2">TOTAL
          SHORT-TERM INVESTMENTS</font></b></font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr bgcolor="#ffffed">
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">(Cost &#151; $3,500,000)</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size=1 face="Arial, Helvetica, sans-serif"><b>3,500,000</b></font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>

      <tr>
        <td height="3" colspan="10" bgcolor="#ffffff"></td>
      </tr>


      <tr bgcolor="#ffffed">
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif"><b><font size="2">TOTAL
          INVESTMENTS &#151; 100.0%</font></b> (Cost &#151; $175,102,726#)</font></td>
        <td><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
        <td align="right"><font size="1" face="Arial, Helvetica, sans-serif"><b>$</b></font></td>
        <td align="right"><font size=1 face="Arial, Helvetica, sans-serif"><b>181,867,946</b></font></td>
        <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      </tr>
      <tr>
        <td height="1" colspan="10" bgcolor="#ffe607"></td>
      </tr>
      <tr>
        <td colspan="10" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font face="Arial, Helvetica, sans-serif">&nbsp;</font><b><font size="1" face="Times New Roman, Times, serif"><br><br>See
          Notes to Financial Statements.</font></b><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;</font></td>
      </tr>
    </table>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
      <tr>
        <td align="right" valign=bottom >&nbsp;</td>
        <td align="right"  valign=bottom >&nbsp;</td>
      </tr>
    </table>

    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
      <tr>
        <td width="40" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">16</font></td>
        <td valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate
          Muni Fund, Inc. </font><font size="1" face="Arial, Helvetica, sans-serif">2005
          Annual Report</font></td>
      </tr>
    </table>
    <font face="Arial, Helvetica, sans-serif"><br>
    </font>
    <hr noshade align="center" width="100%" size="2">
    <p style='page-break-before:always'></p>
    <page> </div>
  <div style='width:600;'>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
      <tr style='height:.25in;'>
        <td colspan="11" style='background:#FFE503;height:.25in;'>
          <p style='margin-left:.05in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt;'><font face="Arial"><font color="#FFFFFF"><b><font size=2>Schedule
            of Investments (December 31, 2005) (continued)</font></b></font></font></p>
        </td>
      </tr>
      <tr>
        <td width="11" ></td>
        <td width="1" ></td>
        <td width="38" ></td>
        <td width="12" ></td>
        <td width="32" ></td>
        <td width="11" ></td>
        <td width="321" ></td>
        <td width="11" ></td>
        <td width="11" ></td>
        <td width="49" ></td>
        <td width="3" ></td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top style='padding:1.0pt 0in 0in 0in;' height="3"></td>
        <td valign=top style='padding:1.0pt 0in 0in 0in;' height="3"></td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top style='padding:1.0pt 0in 0in 0in;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&#135;
            </font></font></p>
        </td>
        <td valign=top style='padding:1.0pt 0in 0in 0in;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>All
            ratings are by Standard &amp; Poor&#146;s Ratings Service, unless
            otherwise footnoted. All ratings are unaudited.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(a)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>
            All or a portion of this security is segregated for open futures contracts.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(b)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Bonds are escrowed to maturity by government obligations 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></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(c)</font></p>
        </td>
        <td valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Income
            from this issue is considered a preference item for purposes of calculating
            the alternative minimum tax (AMT).</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(d)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>
            Pre-Refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the Manager to be triple-A rated even if issuer has not applied for new ratings.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(e)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Rating by Moody&#146;s Investors Service. All ratings are unaudited.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top height="10" >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(f)</font></p>
        </td>
        <td valign=top height="10">
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Residual
            interest tax-exempt securities - coupon varies inversely with level
            of short-term tax-exempt interest rates.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(g)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Security is currently in default.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(h)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Variable
            rate security. Coupon rate disclosed is that which is in effect at
            December 31, 2005.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(i)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Maturity date shown represents the mandatory tender date.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(j)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Rating by Fitch Ratings Service. All ratings are unaudited.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(k)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>All or a portion of this security is held at the broker as collateral for open futures contracts.</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(l)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Residual
            interest bonds - coupon varies inversely with level of short-term
            tax-exempt interest rates.</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="19" valign=top >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-family:Arial;font-size:8px;'>(m)</font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Variable rate demand obligations have a demand feature under which the Fund can 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></font></p>
        </td>
      </tr>
      <tr>
        <td width="19" valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>#
            </font></font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>Aggregate cost for federal income tax purposes is $175,139,511. </font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;
            </font></font></p>
        </td>
        <td valign=top>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="19" valign=top height="13">
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>&nbsp;
            </font></font></p>
        </td>
        <td valign=top height="13">
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial"><font size=1>
See pages 19 and 20 for ratings.<BR><BR><BR></font></font></p>
        </td>
      </tr>
    </table>
    <p style=' margin-bottom:0pt; margin-top:-10pt; margin-left:0.2in;text-align:left;' align="left">
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
      <tr>
        <td width="1" valign=bottom ></td>
        <td colspan="3" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><u><font size=1>Abbreviations
            used in this schedule:</font></u></font><u></u></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial"><font size=1>ACA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>American
            Capital Assurance</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>AMBAC</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Ambac
            Assurance Corporation</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>COP</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Certificate
            of Participation</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>DFA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Development
            Finance Agency</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>EFA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Educational
            Facilities Authority</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>FGIC</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Financial
            Guaranty Insurance Company</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>FHLMC</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Federal
            Home Loan Mortgage Corporation</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>FNMA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Federal
            National Mortgage Association</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>FSA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Financial
            Security Assurance</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>GNMA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Government
            National Mortgage Association</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>GO</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>General
            Obligation</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>HEFA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Health
            &amp; Educational Facilities Authority</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>HFA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Housing
            Finance Authority</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>IDA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Industrial
            Development Authority</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>INDLC</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Industrial
            Indemnity Company</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>LOC</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Letter
            of Credit</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>MBIA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Municipal
            Bond Investors Assurance Corporation</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>MFH</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Multi-Family
            Housing</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Radian</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Radian
            Assets Assurance</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>RIBS</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Residual
            Interest Bonds</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>RITES</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Residual
            Interest Tax-Exempt Securities</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>SPA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Standby
            Bond Purchase Agreement</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>USD</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>Unified
            School District</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="1" valign=bottom ></td>
        <td width="40" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>XLCA</font></font></p>
        </td>
        <td width="15" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;' align="right"><font face="Arial"><font size=1>&#150;</font></font></p>
        </td>
        <td width="537" valign=bottom >
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>XL
            Capital Assurance Inc.</font></font></p>
        </td>
      </tr>
    </table>
    <p style=' margin-bottom:0pt; margin-top:21pt;text-align:center;'><b><font size=1>See
      Notes to Financial Statements.</font></b></p>
    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <div align="Right">
      <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
        <tr>
          <td valign=bottom >
            <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Intermediate
          Muni Fund, Inc.</font></font><font size=1> 2005 Annual Report
              </font></font></p>
          </td>
          <td width="41" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>17</font></font></p>
          </td>
        </tr>
      </table>
    </div>
    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <br>
    <hr noshade align="center" width="100%" size="2">
    <p style='page-break-before:always'></p>
    <page> </div>
  <div style='width:600;'>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#e6f2f1" style='background:#E6F2F1;border-collapse:collapse;'>
      <tr style='height:15.85pt;'>
        <td width="880" style='background:#FFE503; height:15.85pt;'>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font color="#FFFFFF"><b><font size=2>Summary
            of Investments by Industry*</font></b></font></font></p>
        </td>
        <td width="26" style='background:#FFE503; height:15.85pt;'>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
        </td>
        <td width="64" style='background:#FFE503; height:15.85pt;'>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
        </td>
        <td width="17" style='background:#FFE503; height:15.85pt;'>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'>&nbsp;</p>
        </td>
      </tr>
      <tr valign="bottom">
        <td width="880" style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Hospitals</font></font></p>
        </td>
        <td width="26" style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>14.3</font></font></p>
        </td>
        <td width="17" style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Education</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>13.9</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Pre-Refunded</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>12.7</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Escrowed
            to Maturity</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>10.8</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>General
            Obligation</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8.5</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Transportation</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8.1</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Utilities</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5.3</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Miscellaneous</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style=' background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5.1</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Pollution
            Control</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>5.0</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style=' background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Tax
            Allocation</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>4.0</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>Water
            &amp; Sewer</font></font></p>
        </td>
        <td width="26" valign=bottom style='background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>3.5</font></font></p>
        </td>
        <td width="17" valign=bottom style='background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr>
        <td width="880" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
          <p style='margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font face="Arial"><font size=1>
            Other</font></font></p>
        </td>
        <td width="26" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>8.8</font></font></p>
        </td>
        <td width="17" valign=bottom style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
      </tr>
      <tr valign="middle">
        <td width="880" height="18" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="26" height="18" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
          <p style='margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
        </td>
        <td width="64" height="18" style='border-bottom:solid #FFE503 .5pt; background:#FFFDED;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>100.0</font></font></p>
        </td>
        <td width="17" height="18" style='border-bottom: solid #FFE503 .5pt;background:#FFFDED; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial"><font size=1>%</font></font></p>
        </td>
      </tr>
    </table>
    <table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
      <tr>
        <td width="10" valign=top style='padding:2.0pt 0in 0in 0in;' height="2"></td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;' height="2" width="977"></td>
      </tr>
      <tr>
        <td width="6" valign=top style='padding:2.0pt 0in 0in 0in;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">*</font></p>
        </td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;' width="977">
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">As
            a percentage of total investments. Please note that Fund holdings
            are as of December 31, 2005 and are subject to change.</font></p>
        </td>
      </tr>
    </table>

    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
      <tr>
        <td width="41" valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial"><font size=1>18</font></font></p>
        </td>
        <td valign=bottom >
          <p style='margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial"><font color="#FFE503"><font size=1>Intermediate
          Muni Fund, Inc.</font></font><font size=1> 2005 Annual Report</font></font></p>
        </td>
      </tr>
    </table>
    <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
    <br>
    <hr noshade align="center" width="100%" size="2">
    <p style='page-break-before:always'></p>
    <page> </div>
  <p>&nbsp;</p>
</div>




<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td height="30" colspan="3" valign="top"><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Bond
        Ratings (unaudited) </font></td>
    </tr>
    <tr>
      <td height="15" colspan="3" valign="top"><font size="1" face="Times New Roman, Times, serif">The
        definitions of the applicable ratings symbols are set forth below:</font></td>
    </tr>
    <tr>
      <td height="35" colspan="3" valign="top"><font face="Times New Roman, Times, serif" size="1"><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 a minus (&#150;) sign
        to show relative standings within the major rating categories.<BR></font>
      </td>
    </tr>
    <tr>
      <td width="70" valign="top"><font size="1" face="Times New Roman, Times, serif">AAA</font></td>
      <td width="20" valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;AAA&#148;
        have the highest rating assigned by Standard &amp; Poor&#146;s. Capacity
        to pay interest and repay principal is extremely strong.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">AA</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">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.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">A</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;A&#148;
        have a strong capacity to pay interest and repay principal although they
        are somewhat more susceptible to the adverse effects of changes in circumstances
        and economic conditions than debt in higher rated categories.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">BBB</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif"> Bonds rated &#147;BBB&#148;
        are regarded as having an adequate capacity to pay interest and repay
        principal. Whereas they normally exhibit adequate protection parameters,
        adverse economic conditions or changing circumstances are more likely
        to lead to a weakened capacity to pay interest and repay principal for
        bonds in this category than in higher rated categories.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">BB,
        B,<br>
        CCC,<br>
        CC and C</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif"> Bonds rated &#147;BB&#148;,
        &#147;B&#148;, &#147;CCC&#148;, &#147;CC&#148; and &#147;C&#148; are regarded,
        on balance, as predominantly speculative with respect to capacity to pay
        interest and repay principal in accordance with the terms of the obligation.
        &#147;BB&#148; represents the lowest degree of speculation and &#147;C&#148;
        the highest degree of speculation. While such bonds will likely have some
        quality and protective characteristics, these are outweighed by large
        uncertainties or major risk exposures to adverse conditions.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">D</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif"> Bonds
        rated &#147;D&#148; are in default and payment of interest and/or repayment
        of principal is in arrears.</font></td>
    </tr>
    <tr>
      <td height="50" colspan="3" valign="middle"><font size="1" face="Times New Roman, Times, serif"><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.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">Aaa
        </font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;Aaa&#148;
        are judged to be of the best quality. They carry the smallest degree of
        investment risk and are generally referred to as &#147;gilt edge.&#148;
        Interest payments are protected by a large or by an exceptionally stable
        margin and principal is secure. While the various protective elements
        are likely to change, such changes as can be visualized are most unlikely
        to impair the fundamentally strong position of such issues.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">Aa</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;Aa&#148;
        are judged to be of high quality by all standards. Together with the &#147;Aaa&#148;
        group they comprise what are generally known as high grade bonds. They
        are rated lower than the best bonds because margins of protection may
        not be as large as in &#147;Aaa&#148; securities or fluctuation of protective
        elements may be of greater amplitude or there may be other elements present
        which make the long-term risks appear somewhat larger than in &#147;Aaa&#148;
        securities.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">A</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;A&#148;
        possess many favorable investment attributes and are to be considered
        as upper medium grade obligations. Factors giving security to principal
        and interest are considered adequate but elements may be present which
        suggest a susceptibility to impairment some time in the future.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">Baa</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;Baa&#148;
        are considered as medium grade obligations, i.e., they are neither highly
        protected nor poorly secured. Interest payments and principal security
        appear adequate for the present but certain protective elements may be
        lacking or may be characteristically unreliable over any great length
        of time. Such bonds lack outstanding investment characteristics and in
        fact have speculative characteristics as well.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">Ba
        </font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;Ba&#148;
        are judged to have speculative elements; their future cannot be considered
        as well assured. Often the protection of interest and principal payments
        may be very moderate and therefore not well safeguarded during both good
        and bad times over the future. Uncertainty of position characterizes bonds
        in this class.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">B</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">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.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">Caa
        </font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;Caa&#148;
        are of poor standing. These may be in default, or present elements of
        danger may exist with respect to principal or interest.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">Ca</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif"> Bonds rated &#147;Ca&#148;
        represent obligations which are speculative in a high degree. Such issues
        are often in default or have other marked short-comings.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">C</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;&nbsp;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">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.</font></td>
    </tr>
  </table><br>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="sans-serif"> </font></font><font size=1 face="sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">19</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">  <p style='page-break-before:always'></p>
<PAGE></div>
<div style='width:600;'>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="3" valign="middle"><font color="#FFE607" size=4 face="sans-serif">Bond
        Ratings (unaudited) (continued)</font></td>
    </tr>
    <tr valign="bottom">
      <td height="30" colspan="3"><font face="Times New Roman, Times, serif"><I><FONT size=1>Fitch
        Ratings Service (&#147;Fitch&#148;) </FONT></I><FONT size=1>&#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.</FONT></font></td>
    </tr>
    <tr>
      <td width="70" valign="top"><font size="1" face="Times New Roman, Times, serif">AAA
        </font></td>
      <td width="20" valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;AAA&#148;
        have the highest rating assigned by Fitch. Capacity to pay interest and
        repay principal is extremely strong.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">AA</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">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.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">A</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;A&#148;
        have a strong capacity to pay interest and repay principal although they
        are somewhat more susceptible to the adverse effects of changes in circumstances
        and economic conditions than debt in higher rated categories.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">BBB</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Bonds rated &#147;BBB&#148;
        are regarded as having an adequate capacity to pay interest and repay
        principal. Whereas they normally exhibit adequate protection parameters,
        adverse economic conditions or changing circumstances are more likely
        to lead to a weakened capacity to pay interest and repay principal for
        bonds in this category than in higher rated categories.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">BB,
        B,<br>
        CCC<br>
        and CC</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">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.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">NR</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Indicates that the
        bond is not rated by Standard &amp; Poor&#146;s, Moody&#146;s or Fitch.</font></td>
    </tr>
  </table>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="3" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td height="25" colspan="3" valign="top"><font color="#FFE607" size=4 face="sans-serif">Short-Term
        Security Ratings (unaudited)</font></td>
    </tr>
    <tr>
      <td width="70" valign="top"><font size="1" face="Times New Roman, Times, serif">SP-1</font></td>
      <td width="20" valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif"> Standard &amp;
        Poor&#146;s highest rating indicating very strong or strong capacity to
        pay principal and interest; those issues determined to possess overwhelming
        safety characteristics are denoted with a plus (+) sign.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">A-1</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Standard &amp; Poor&#146;s
        highest commercial paper and variable-rate demand obligation (VRDO) rating
        indicating that the degree of safety regarding timely payment is either
        overwhelming or very strong; those issues determined to possess overwhelming
        safety characteristics are denoted with a plus (+) sign.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">VMIG
        1</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Moody&#146;s highest
        rating for issues having a demand feature &#151; VRDO.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">MIG1</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif"> Moody&#146;s highest
        rating for short-term municipal obligations. </font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">P-1</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">Moody&#146;s highest
        rating for commercial paper and for VRDO prior to the advent of the VMIG
        1 rating.</font></td>
    </tr>
    <tr>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">F-1</font></td>
      <td valign="top"><font size="1" face="Times New Roman, Times, serif">&#151;</font></td>
      <td><font size="1" face="Times New Roman, Times, serif">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.</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">20</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="sans-serif">. </font></font><font size=1 face="sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>
<div style='width:600;'>
  <table width="600" border="0" cellpadding="0" cellspacing="0">
    <tr>
      <td height="25" colspan="6" bgcolor="#ffe607"><b><font color="#FFFFFF" size=2 face="sans-serif">&nbsp;&nbsp;Sta<a name="bk21"></a>tement
        of Assets and Liabilities (December 31, 2005)</font></b> </td>
    </tr>
    <tr>
      <td height="5" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;ASSETS:</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size=1 face="Arial, Helvetica, sans-serif">Investments,
        at value (Cost &#151; $175,102,726)</font></td>
      <td width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td width="15" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></td>
      <TD width="80" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">181,867,946</FONT></TD>
      <td width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Cash</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">3,803</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Interest
        receivable</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">2,997,395</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Receivable
        for securities sold</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">875,000</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size=1 face="Arial, Helvetica, sans-serif">Receivable
        from broker &#150; variation margin on open futures contracts</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">125,000</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size=1 face="Arial, Helvetica, sans-serif">Prepaid
        expenses</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">5,821</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
    <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">Total
        Assets</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">185,874,965</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
    <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED" height="9"><b><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;LIABILITIES:</font></b></td>
      <td bgcolor="#FFFFED" height="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" height="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" height="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED" height="9"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Distributions
        payable</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">91,727</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Management
        fee payable</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">86,848</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Distributions
        payable to Municipal Auction Rate Cumulative Preferred Stockholders</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">23,238</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Deferred
        compensation payable</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">12,920</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Directors&#146;
        fees payable</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">1,279</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Accrued
        expenses</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">107,748</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
    <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">Total
        Liabilities</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><B><FONT size=1 face="Arial, Helvetica, sans-serif">323,760</FONT></B></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;</font><b><font size=1 face="Arial, Helvetica, sans-serif">Series
        M Municipal Auction Rate Cumulative Preferred Stock (2,000 shares  <br>
        </font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">authorized
        and issued at $25,000
        per share) (Note 4)</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">50,000,000</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" colspan="2"><font size="1" face="Arial, Helvetica, sans-serif"></font><b><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Total
        Net Assets</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif"><b>$</b></FONT></td>
      <td align="right" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">135,551,205</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFff" colspan="6"></td>
    </tr>
    <tr>
      <td height="5" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;NET
        ASSETS:</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size=1 face="Arial, Helvetica, sans-serif">Par
        value ($0.001 par value; 14,032,784 shares issued and outstanding; 100,000,000
        shares <br>
&nbsp;&nbsp;&nbsp;        authorized)</font></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">14,033</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Paid-in
        capital in excess of par value</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">141,521,690</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Undistributed
        net investment income</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">42,766</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Accumulated
        net realized loss on investments and futures contracts</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">(11,780,785</FONT></TD>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </tr>
    <tr>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Net
        unrealized appreciation on investments and futures contracts</FONT></TD>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">5,753,501</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">Total
        Net Assets</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif"><b>$</b></FONT></td>
      <td align="right" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">135,551,205</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="3" bgcolor="#FFFFff" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">Shares
        Outstanding</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">14,032,784</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td colspan="2" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">Net
        Asset Value</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><b>$</b></font></td>
      <td align="right" bgcolor="#FFFFED"><b><font size=1 face="Arial, Helvetica, sans-serif">9.66</font></b></td>
      <td bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    </tr>
        <tr>
      <td height="3" bgcolor="#FFFFED" colspan="6"></td>
    </tr>
    <tr>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </tr>
  </table>
  <p align="center"><b><font size="1" face="Times New Roman, Times, serif">See Notes
    to Financial Statements.</font></b></p>

  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="sans-serif"> </font></font><font size=1 face="sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">21</font></td>
    </tr>
  </table>
 <br>
  <HR noshade align="center" width="100%" size="2">  <p style='page-break-before:always'></p>
<PAGE>
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<div style='width:600;'>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <td height="25" colspan="6" bgcolor="#ffe607"><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;State<a name="bk22"></a>ment
        of Operations (For the year ended December 31, 2005)</font> </td>
    </TR>
   <tr>
    <td height="3" colspan="2" ></td>
    <td height="3" ></td>
    <td height="3" ></td>
    <td height="3" ></td>
  </tr>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><strong><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;INVESTMENT
        INCOME:</font></strong></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD width="18" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="460" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Interest</font></TD>
      <TD width="47" align="right" bgcolor="#FFFFED"><b><font size="1" face="Arial, Helvetica, sans-serif">$</font></b></TD>
      <TD width="64" align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">9,672,841</font></B></TD>
      <TD width="11" align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;EXPENSES:</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Management
        fee (Note 2)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">1,104,316</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Auction
        participation fees (Note 4)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">127,407</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Legal
        fees</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">68,143</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Shareholder
        reports</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">59,719</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Transfer
        agent fees</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">54,166</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Custody
        fees</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">40,736</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Listing
        fees</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">35,916</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Audit
        and tax</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">35,535</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Directors&#146;
        fees</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">9,359</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Insurance</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">7,723</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Miscellaneous
        expenses</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">4,397</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>Total
        Expenses</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">1,547,417</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        Investment Income</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">8,125,424</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;REALIZED
        AND UNREALIZED GAIN (LOSS) ON INVESTMENTS</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;AND
        FUTURES CONTRACTS (NOTES 1 AND 3):</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Net
        Realized Loss From:</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Investments</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(753,406</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Futures
        contracts</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(2,091,264</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>Net
        Realized Loss</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(2,844,670</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Change
        in Net Unrealized Appreciation/Depreciation From:</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Investments</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(1,766,211</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Futures
        contracts</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">488,281</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>Change
        in Net Unrealized Appreciation/Depreciation</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(1,277,930</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        Loss on Investments and Futures Contracts</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(4,122,600</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Distributions
        Paid to Municipal Auction Rate Cumulative Preferred</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
        From Net Investment Income (Note 1)</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(1,206,809</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Increase
        in Net Assets From Operations</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><b><font size="1" face="Arial, Helvetica, sans-serif">$</font></b></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">2,796,015</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </TR>
    <TR>
      <td height="1" colspan="6" bgcolor="#ffe607"></td>
    </TR>
  </TABLE>
<P align="center">
<B><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></B>
</P>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">22</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
    <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="sans-serif"> </font></font><font size=1 face="sans-serif">2005 Annual Report</font></td>
  </tr>
</table>
<br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
<PAGE></div>
<div style='width:600;'>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <td height="25" colspan="8" bgcolor="#ffe607"><B><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Sta<a name="bk23"></a>tements
        of Changes in Net Assets (For the years ended December 31,)</font></B></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="372" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2005</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2004</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;OPERATIONS:</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD width="16" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Net
        investment income</font></TD>
      <TD width="39" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="59" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">8,125,424</font></TD>
      <TD width="18" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="23" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="62" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">9,020,329</font></TD>
      <TD width="11" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Net
        realized loss</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(2,844,670</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(2,871,944</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Change
        in net unrealized appreciation/depreciation</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(1,277,930</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(401,750</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Distributions
        paid to Municipal Auction Rate Cumulative</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
        Stockholders from net investment income</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(1,206,809</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(586,119</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>Increase
        in Net Assets From Operations</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">2,796,015</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">5,160,516</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;DISTRIBUTIONS
        PAID TO COMMON STOCK</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;SHAREHOLDERS
        FROM (NOTES 1 AND 6):</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Net
        investment income</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(7,788,195</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(8,585,218</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>Decrease
        in Net Assets From Distributions</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Paid
        to Common Stock Shareholders</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(7,788,195</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(8,585,218</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;FUND
        SHARE TRANSACTIONS (NOTE 5):</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Reinvestment
        of distributions</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">287,921</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>Increase
        in Net Assets From Fund Share Transactions</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">287,921</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Decrease
        in Net Assets</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(4,992,180</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">(3,136,781</font></B></TD>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">)</font></B></TD>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;NET
        ASSETS:</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">Beginning
        of year</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">140,543,385</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">143,680,166</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>End
        of year*</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><b><font size="1" face="Arial, Helvetica, sans-serif">$</font></b></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">135,551,205</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><b><font size="1" face="Arial, Helvetica, sans-serif">$</font></b></TD>
      <TD align="right" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">140,543,385</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD colspan="2" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;*Includes
        undistributed net investment income of:</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">42,766</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">1,132,007</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="8" bgcolor="#ffe607"></td>
    </TR>
  </TABLE>
<P align="center">
<B><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></B>
</P>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td align="right"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="sans-serif"> </font></font><font size=1 face="sans-serif">2005 Annual Report</font></td>
    <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">23</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
  </tr>
</table>
<br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
<PAGE></div>
<div style='width:600;'>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <td height="25" colspan="16" bgcolor="#ffe607"><b><font color="#FFFFFF" size=2 face="sans-serif">&nbsp;&nbsp;Fin<a name="bk24"></a>ancial
        Highlights </font></b> </td>
    </TR>
    <TR>
      <TD width="242">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="16"><FONT size=2>For a share of capital stock outstanding throughout
        each year ended December 31:</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <td height="2" colspan="16" bgcolor="#ffe607"></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2005</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2004</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2003</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2002</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">2001</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="2" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Net
        Asset Value, Beginning of Year</font></B></TD>
      <TD width="19" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="41" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.02</font></TD>
      <TD width="11" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="18" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="42" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.26</font></TD>
      <TD width="11" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="17" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="43" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.27</font></TD>
      <TD width="10" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="20" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="40" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.21</font></TD>
      <TD width="10" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="19" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD width="36" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.20</font></TD>
      <TD width="21" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Income
        (Loss) From Operations:</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
        investment income</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.56</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.64</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.68</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.68</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.56</font></TD>
      <TD bgcolor="#FFFFED"><font style='font-family:Arial;font-size:8px;'>(1)</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
        realized and unrealized gain (loss)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.27</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.23</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.03</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.07</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.00</font></TD>
      <TD bgcolor="#FFFFED"><font style='font-family:Arial;font-size:8px;'>(1)(2)</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Distributions
        paid to Municipal Auction</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate
        Cumulative Preferred Stockholders</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
        net investment income</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.09</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.04</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.05</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.05</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Total
        Income From Operations</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.20</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.37</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.60</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.70</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.56</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Gain
        From Repurchase of Treasury Stock</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.00</font></TD>
      <TD bgcolor="#FFFFED"><font style='font-family:Arial;font-size:8px;'>(2)</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Underwriting
        Commissions and Offering</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<B>Expenses
        for the Issuance of Municipal</B></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<B>Auction
        Rate Cumulative Preferred Stock</B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.06</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Distributions
        Paid to Common Stock</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<B>Shareholders
        From:</B></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
        investment income</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.56</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.61</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.61</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.58</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(0.55</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Net
        Asset Value, End of Year</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">9.66</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.02</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.26</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.27</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.21</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Market
        Price, End of Year</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">8.60</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">9.36</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">10.19</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">9.56</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">9.75</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Total
        Return,</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<B>Based
        on Net Asset Value<SUP>(3)</SUP></B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">2.41</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">3.99</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">6.22</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">6.73</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">6.01</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Total
        Return,</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<B>Based
        on Market Price<SUP>(3)</SUP></B></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(2.40</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">(2.19</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">)%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">13.33</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">4.03</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">17.17</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Net
        Assets, End of Year (millions)</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">136</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">141</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">144</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">144</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">143</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"><B>&nbsp;Ratios
        to Average Net Assets:<SUP>(4)</SUP></B></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Expenses</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">1.12</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">1.07</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">1.07</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">1.08</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">0.80</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
        investment income</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">5.89</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">6.34</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">6.55</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">6.59</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">5.35</font></TD>
      <TD bgcolor="#FFFFED"><font style='font-family:Arial;font-size:8px;'>(1)</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Portfolio
        Turnover Rate</font></B></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">18</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">32</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">21</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">49</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">36</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">%</font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"><font face="Arial, Helvetica, sans-serif"></font></td>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;Municipal
        Auction Rate Cumulative</font></B></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Preferred
        Stock:<SUP>(5)</SUP></B></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Amount Outstanding (000s)</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">50,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">50,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">50,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">50,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">$</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Asset
        Coverage Per Share</font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">92,776</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">95,272</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">96,840</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">96,942</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Involuntary
        Liquidating Preference Per Share<SUP>(6)</SUP></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Average
        Market Value Per Share<SUP>(6)</SUP></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">25,000</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
      <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <td height="1" colspan="16" bgcolor="#ffe607"></td>
    </TR>
  </TABLE>
<TABLE width="600" cellpadding="0" cellspacing="0">
<TR>
  <TD height="4" valign="top"></TD>
  <TD height="4" valign="top"></TD>
</TR>
<TR>
   <TD width="20" valign="top"><font style='font-family:Arial;font-size:8px;'>(1)</FONT></TD>
   <TD valign="top"><div align="justify"><FONT size=1 face="sans-serif">Effective January 1, 2001, the Fund adopted a change in the accounting method that requires the Fund to amortize premiums and accrete all discounts. Without the adoption of the change, for the year ended December 31, 2001, the ratio of net investment income to average net assets would have been 5.31%. The impact of this change to net investment income and net realized and unrealized gain was less than $0.01 per share.</FONT></div></TD>
</TR>
<TR>
   <TD valign="top"><font style='font-family:Arial;font-size:8px;'>(2)</FONT></TD>
   <TD valign="top"><div align="justify"><FONT size=1 face="sans-serif">Amount represents less than $0.01 per share.</FONT></div></TD>
</TR>
<TR>
   <TD valign="top"><font style='font-family:Arial;font-size:8px;'>(3)</FONT></TD>
   <TD valign="top"><div align="justify"><FONT size=1 face="sans-serif">The total return calculation assumes that distributions are reinvested in accordance with the Fund's dividend reinvestment plan. Past performance is no guarantee of future results.</FONT></div></TD>
</TR>
<TR>
   <TD valign="top"><font style='font-family:Arial;font-size:8px;'>(4)</FONT></TD>
   <TD valign="top"><div align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of average net assets of common stock shareholders. Ratios do not reflect the effect of distribution payments to preferred shareholders.</FONT></div></TD>
</TR>
<TR>
   <TD valign="top"><font style='font-family:Arial;font-size:8px;'>(5)</FONT></TD>
   <TD valign="top"><div align="justify"><FONT size=1 face="sans-serif">On January 28, 2002, the Fund issued 2,000 shares of Series M Municipal Auction Rate Cumulative Preferred Stock at $25,000 per share.</FONT></div></TD>
</TR>
<TR>
  <TD valign="top"><font style='font-family:Arial;font-size:8px;'>(6)</font></TD>
  <TD valign="top"><font size=1 face="sans-serif">Excludes accumulated and unpaid distributions.</font></TD>
</TR>
</TABLE>
<p align="center"><b><font size=1 face="serif">See Notes to Financial Statements.</font></b></p>

  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">24</font></td>
      <td align="left" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="sans-serif"> </font></font><font size=1 face="sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
    </tr>
  </table>
 <br>
  <HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'>
  <PAGE>
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<div style='width:600;'>
  <p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">N<a name="bk25"></a>otes
    to Financial Statements</font> <br>
    <br>
    <font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif"><b>1. Organization
    and Significant Accounting Policies</b></font><br>
    <font size="2" face="Times New Roman, Times, serif">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, as amended (the &#147;1940 Act&#148;).<br>
    </font><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">The
    following are significant accounting policies consistently followed by the
    Fund and are in conformity with U.S. generally accepted accounting principles
    (&#147;GAAP&#148;). Estimates and assumptions are required to be made regarding
    assets, liabilities and changes in net assets resulting from operations when
    financial statements are prepared. Changes in the economic environment, financial
    markets and any other parameters used in determining these estimates could
    cause actual results to differ.</font><font face="Times New Roman, Times, serif"><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>(a) Investment Valuation. </font></b><font size=2>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.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>(b) Financial Futures Contracts.
    </font></b><font size=2>The Fund may enter into financial futures contracts
    typically to hedge a portion of the portfolio. Upon entering into a financial
    futures contract, the Fund is required to deposit cash or securities as initial
    margin. Additional securities are also segregated up to the current market
    value of the financial futures contracts. Subsequent payments, known as variation
    margin, are made or received by the Fund each day, depending on the daily
    fluctuation in the value of the underlying financial instruments. The Fund
    recognizes an unrealized gain or loss equal to the daily variation margin.
    When the financial futures contracts are closed, a realized gain or loss is
    recognized equal to the difference between the proceeds from (or cost of)
    the closing transactions and the Fund&#146;s basis in the contracts. </font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The risks associated with entering
    into financial futures contracts include the possibility that a change in
    the value of the contract may not correlate with the changes in the value
    of the underlying instruments. In addition, investing in financial futures
    contracts involves the risk that the Fund could lose more than the original
    margin deposit and subsequent payments required for a futures transaction.
    Risks may also arise upon entering into these contracts from the potential
    inability of the counterparties to meet the terms of their contracts.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>(c) Security Transactions and
    Investment Income. </font></b><font size=2>Security transactions are accounted
    for on a trade date basis. Interest income, adjusted for amortization of premium
    and accretion of discount, is recorded on the accrual basis. The cost of investments
    sold is determined by use of the specific identification method. To the extent
    any issuer defaults on an expected interest payment, the Fund&#146;s policy
    is to generally halt any additional interest income accruals and consider
    the realizability of interest accrued up to the date of default.</font></font></p>

  <p></p>
 <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
   <tr>
     <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
     <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">25</font></td>
   </tr>
 </table>
 <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>

<div style='width:600;'>
  <p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Notes to Financial
    Statements (continued)</font><br>
    <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif"><b><font size=2>(d)
    Distributions to Shareholders. </font></b><font size=2>Distributions from
    net investment income for the Fund, if any, are declared and paid on a monthly
    basis. The Fund intends to satisfy conditions that will enable interest from
    municipal securities, which is exempt from federal and certain state income
    taxes, to retain such tax-exempt status when distributed to the shareholders
    of the Fund. Distributions of net realized gains, if any, are taxable and
    are declared at least annually. Distributions are recorded on the ex-dividend
    date and are determined in accordance with income tax regulations, which may
    differ from GAAP. In addition, the holders of the Municipal Auction Rate Cumulative
    Preferred Stock shall be entitled to receive distributions in accordance with
    an auction that will normally be held weekly and out of the funds legally
    available to shareholders.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>(e) Net Asset Value. </font></b><font size=2>The
    net asset value (&#147;NAV&#148;) of the Fund&#146;s Common Stock is determined
    no less frequently than the close of business on the Fund&#146;s last business
    day of each week (generally Friday) and on the last business day of the month.
    It is determined by dividing the value of the net assets available to Common
    Stock by the total number of shares of Common Stock outstanding. For the purpose
    of determining the NAV per share of the Common Stock, the value of the Fund&#146;s
    net assets shall be deemed to equal the value of the Fund&#146;s assets less
    (1) the Fund&#146;s liabilities, and (2) the aggregate liquidation value (i.e.,
    $25,000 per outstanding share) of the Municipal Auction Rate Cumulative Preferred
    Stock.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>(f) Federal and Other Taxes.
    </font></b><font size=2>It is the Fund&#146;s policy to comply with the federal
    income and excise tax requirements of the Internal Revenue Code of 1986, as
    amended, applicable to regulated investment companies. Accordingly, the Fund
    intends to distribute substantially all of its income and net realized gains
    on investments, if any, to shareholders each year. Therefore, no federal income
    tax provision is required in the Fund&#146;s financial statements. </font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2>(g) Reclassification. </font></b><font size=2>GAAP
    requires that certain components of net assets be adjusted to reflect permanent
    differences between financial and tax reporting. These reclassifications have
    no effect on net assets or net asset values per share. During the current
    year, the following reclassifications have been made:</font></font></p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFE607"  size=1 face="Arial, Helvetica, sans-serif">Undistributed Net<br>
      Investment Income</FONT></B></TD>
    <TD><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFE607"  size=1 face="Arial, Helvetica, sans-serif">Accumulated Net<br>
      Realized Loss</FONT></B></TD>
  </TR>
  <TR>
    <TD height="3" colspan="4" bgcolor="#FFE607"></TD>
  </TR>
  <TR>
      <TD width="50"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;(a)</FONT></TD>
    <TD align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">$(219,661)</FONT></TD>
    <TD width="50" align="center"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD width="250" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">$219,661</FONT></TD>
  </TR>
  <TR>
    <TD height="1" colspan="4" bgcolor="#FFE607"></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="8" colspan="2"></td>
    </tr>
  <tr>
      <td width="15" valign="top"><font style='font-family:Arial;font-size:8px;'>(a)</font></td>
    <td><font size=1 face="serif">Reclassifications are primarily due to differences between book and tax amortization of market discount on fixed income securities.</font></td>
  </tr>
</table>
<p><b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">2.</font></b><font color="#FFE607">&nbsp;<b><font size=2 face="Arial, Helvetica, sans-serif">Management Agreement and Other Transactions with Affiliates</font></b></font> <br>
    <font size="2" face="Times New Roman, Times, serif">On December 1, 2005, Citigroup
    Inc. (&#147;Citigroup&#148;) completed the sale of substantially all of its
    asset management business, Citigroup Asset Management (&#147;CAM&#148;), to
    Legg Mason, Inc. (&#147;Legg Mason&#148;). As a result, the Fund&#146;s investment
    manager, Smith Barney Fund Management LLC (the &#147;Manager&#148; or &#147;SBFM&#148;),
    previously an indirect wholly-owned subsidiary of Citigroup, has become a
    wholly-owned subsidiary of Legg Mason. Completion of the sale caused the Fund&#146;s
    existing investment management contract to</font></p>
 <p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">26</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE> </div>
<div style='width:600;'>
  <p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Notes to
    Financial Statements (continued)</font><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif"></font><b><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif"><br>
    <br>
    </font></b><font size="2" face="Times New Roman, Times, serif">terminate.
    The Fund&#146;s shareholders approved a new investment management contract
    between the Fund and the Manager, which became effective on December 1, 2005.</font><font face="Times New Roman, Times, serif"><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Legg Mason, whose principal executive
    offices are in Baltimore, Maryland, is a financial services holding company.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Prior to October 1, 2005, the Fund
    paid the Manager a management fee calculated at the annual rate of 0.60% of
    the Fund&#146;s average daily net assets. Effective October 1, 2005, the management
    fee payable by the Fund changed to 0.55% of the Fund&#146;s average daily
    net assets. The management fee of 0.55% remained in effect under the new investment
    management contract which became effective December 1, 2005. For purposes
    of calculating the management fee, the liquidation value of any preferred
    stock of the Fund is not deducted in determining the Fund&#146;s average daily
    net assets. This fee was calculated daily and paid monthly. </font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Fund has adopted an unfunded,
    non-qualified compensation plan (the &#147;Plan&#148;) which allows non-interested
    directors (&#147;Director&#148;) to defer the receipt of all or a portion
    of the directors&#146; fees earned until a later date specified by the Director.
    The deferred fees earn a return based on notional investments selected by
    the Director. The balance of the deferred fees payable may change depending
    upon the investment performance. Any gains earned or losses incurred in the
    deferred balances are reported in the statement of operations under Directors&#146;
    fees. Under the Plan, deferred fees are considered a general obligation of
    the Fund and any payments made pursuant to the Plan will be made from the
    Fund&#146;s general assets. Effective January 1, 2006, the Board of Directors
    voted to discontinue offering the Plan to its members. This change will have
    no effect on fees previously deferred.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>As of December 31, 2005, the Fund
    has accrued $12,920 as deferred compensation payable.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Certain officers and one Director
    of the Fund are employees of Legg Mason or its affiliates and do not receive
    compensation from the Fund.</font></font> </p>
  <p> <b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">3.</font></b><font color="#FFE607">&nbsp;<b><font size=2 face="Arial, Helvetica, sans-serif">Investments
    </font></b> <br>
    </font><font size="2" face="Times New Roman, Times, serif">During the year
    ended December 31, 2005, the aggregate cost of purchases and proceeds from
    sales of investments (excluding short-term investments) were as follows:</font>
  </p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD height="3" colspan="5" bgcolor="#ffE607"></TD>
    </TR>
    <TR>
      <TD width="485"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Purchases</FONT></TD>
      <TD width="20" align="center">&nbsp;</TD>
      <TD width="26" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD width="60" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">32,430,996</FONT></TD>
      <TD width="9">&nbsp;</TD>
    </TR>
    <TR>
      <TD height="1" colspan="5" bgcolor="#ffE607"></TD>
    </TR>
    <TR>
      <TD width="485"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Sales</FONT></TD>
      <TD width="20">&nbsp;</TD>
      <TD width="26">&nbsp;</TD>
      <TD align="right" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">35,571,896</FONT></TD>
      <TD width="9">&nbsp;</TD>
    </TR>
    <TR>
      <TD height="1" colspan="5" bgcolor="#ffE607"></TD>
    </TR>
  </TABLE>
  <p><font size="2" face="Times New Roman, Times, serif">At
    December 31, 2005, the aggregate gross unrealized appreciation and depreciation
    of investments for federal income tax purposes were as follows:</font> </p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD height="3" colspan="5" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD width="485"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Gross
        unrealized appreciation</FONT></TD>
      <TD width="20" align="center">&nbsp;</TD>
      <TD width="29" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD width="56" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">7,709,433</FONT></TD>
      <TD width="10">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="485"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Gross
        unrealized depreciation</FONT></TD>
      <TD width="20">&nbsp;</TD>
      <TD align="right" width="29">&nbsp;</TD>
      <TD align="right" width="56"><FONT size=1 face="Arial, Helvetica, sans-serif">(980,998</FONT></TD>
      <TD width="10"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD height="1" colspan="5" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD width="485"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Net
        unrealized appreciation</FONT></TD>
      <TD align="center" width="20">&nbsp;</TD>
      <TD align="right" width="29"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD align="right" width="56"><FONT size=1 face="Arial, Helvetica, sans-serif">6,728,435</FONT></TD>
      <TD width="10">&nbsp;</TD>
    </TR>
    <TR>
      <TD height="1" colspan="5" bgcolor="#FFE607"></TD>
    </TR>
  </TABLE>
  <p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p>
  <PAGE>
</div>




<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Notes to Financial Statements (continued)</font> </p>
  <p> <font size="2" face="Times New Roman, Times, serif">At December 31, 2005,
    the Fund had the following open futures contracts:</font> </p>

<TABLE width="600" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD height="8" colspan="14" bgcolor="#FFFFED"></TD>
  </TR>
  <TR>
    <TD align="center" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Number
      of<br>
      Contracts</FONT></B></font></TD>
    <TD align="center" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
    <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Expiration<br>
      Date</FONT></B></font></TD>
    <TD align="center" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
    <TD colspan="2" align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Basis<br>
      Value</FONT></B></font></TD>
    <TD align="center" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
    <TD colspan="2" align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Market<br>
      Value</FONT></B></font></TD>
    <TD align="center" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
    <TD colspan=2 align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Unrealized<br>
      Loss</FONT></B></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
  </TR>
  <TR>
    <TD height="3" colspan="14" bgcolor="#FFE607"><font face="Arial, Helvetica, sans-serif"></font></TD>
  </TR>
  <TR>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"><B><FONT size=1>Contracts
      to Sell:</FONT></B></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
  </TR>
  <TR>
    <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">U.S.
      Treasury Bond</font></TD>
    <TD width="70" align="right" bgcolor="#FFFFED">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">500</font></div>
    </TD>
    <TD width="15" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="70" align="right" bgcolor="#FFFFED">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">3/06</font></div>
    </TD>
    <TD width="15" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="15" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="70" align="right" bgcolor="#FFFFED">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">$56,082,031</font></div>
    </TD>
    <TD width="15" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="15" align="right" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="70" align="right" bgcolor="#FFFFED">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">$57,093,750</font></div>
    </TD>
    <TD width="15" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="15" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"></font></TD>
    <TD width="70" align="right" bgcolor="#FFFFED">
      <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">$(1,011,719)</font></div>
    </TD>
    <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"></font></TD>
  </TR>
  <TR>
    <TD height="2" colspan="14" bgcolor="#FFE607"></TD>
  </TR>
</TABLE>
  <div style='width:600;'>
  <p><font face="Times New Roman, Times, serif"><b><font color="#FFE607" size="2" face="Arial, Helvetica, sans-serif"><BR>4.</font></b><font color="#FFE607" face="Arial, Helvetica, sans-serif">&nbsp;<b><font size=2>Municipal
    Auction Rate Cumulative Preferred Stock</font></b></font></font> <font face="Times New Roman, Times, serif"><br>
    <font size=2>On January 28, 2002, the Fund issued 2,000 shares of Series M
    Municipal Auction Rate Cumulative Preferred Stock (&#147;ARCPS&#148;). The
    underwriting discount of $500,000 and offering expenses of $278,731 associated
    with the ARCPS offering were recorded as a reduction of the capital paid in
    excess of par value of common stock for the year ended December 31, 2002.
    The ARCPS&#146; dividends are cumulative at a rate determined at an auction
    and the dividend period is typically 7 days. The dividend rates ranged from
    1.50% to 4.20% during the year ended December 31, 2005. At December 31, 2005,
    the dividend rate was 3.75%.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The ARCPS are redeemable under
    certain conditions by the Fund, or subject to mandatory redemption (if the
    Fund is in default of certain coverage requirements) at a redemption price
    equal to the liquidation preference, which is the sum of $25,000 per share
    plus accumulated and unpaid dividends. </font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Fund is required to maintain
    certain asset coverages with respect to the ARCPS. If the Fund fails to maintain
    these coverages and does not cure any such failure within the required time
    period, the Fund is required to redeem a requisite number of the ARCPS in
    order to meet the applicable requirement. Additionally, failure to meet the
    foregoing asset coverage requirements would restrict the Fund&#146;s ability
    to pay distributions to common shareholders.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Citigroup Global Markets Inc. (&#147;CGM&#148;)
    another indirect wholly-owned subsidiary of Citigroup, also currently acts
    as a broker-dealer in connection with the auction of ARCPS. After each auction,
    the auction agent will pay to each broker-dealer, from monies the Fund provides,
    a participation fee at the annual rate of 0.25% of the purchase price of the
    ARCPS that the broker-dealer places at the auction. For the period ended December
    31, 2005, CGM earned $116,005 as a participating broker-dealer.</font></font>
  </p>
  <p> <font face="Times New Roman, Times, serif"><b><font size="2" color="#ffe607" face="Arial, Helvetica, sans-serif">5.</font></b><font color="#ffe607" face="Arial, Helvetica, sans-serif">&nbsp;<b><font size=2>Capital
    Shares</font></b></font> <br>
    <font size=2>Capital stock transactions were as follows:</font></font> </p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD colspan=4 align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"><B><font size="1" color="#ffe607">Year
        Ended<br>
        December 31, 2005</font></B></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD colspan=4 align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif"><B><font size="1" color="#ffe607">Year
        Ended<br>
        December 31, 2004</font></B></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD height="2" colspan=4 bgcolor="#FFE607"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD colspan=4 bgcolor="#FFE607"><font face="Arial, Helvetica, sans-serif"></font></TD>
      <TD><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Shares</FONT></B></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
      <TD colspan=2 align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Amount</FONT></B></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Shares</FONT></B></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif" color="#ffe607">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif" color="#ffe607"><B><FONT size=1>Amount</FONT></B></font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="11" bgcolor="#FFE607"><font face="Arial, Helvetica, sans-serif"></font></TD>
    </TR>
    <TR valign="middle">
      <TD bgcolor="#FFFFED" height="18"><font size="1" face="Arial, Helvetica, sans-serif">Shares
        issued on reinvestment</font></TD>
      <TD width="70" align="right" bgcolor="#FFFFED">
        <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">&#151;</font></div>
      </TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="15" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="70" align="right" bgcolor="#FFFFED">
        <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
      </TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="70" align="right" bgcolor="#FFFFED">
        <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">28,034</font></div>
      </TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="15" align="right" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif"></font></TD>
      <TD width="70" align="right" bgcolor="#FFFFED">
        <div align="center"><font size="1" face="Arial, Helvetica, sans-serif">$287,921</font></div>
      </TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="2" colspan="11" bgcolor="#FFE607"></TD>
    </TR>
  </TABLE>
  <font face="Times New Roman, Times, serif">&nbsp;</font>
<p></p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">28</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <PAGE>
</div>
<div style='width:600;'>
  <p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Notes to Financial Statements (continued)</font> </p>
  <p><b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">6.</font></b><font color="#FFE607">&nbsp;<b><font size=2 face="Arial, Helvetica, sans-serif">Income Tax Information and Distributions to Shareholders</font></b></font> </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial"><font size="2" face="Times New Roman, Times, serif">The
    tax character of distributions paid during the fiscal years ended December
    31, was as follows:</font></font></p>
  <p> <font size=2 face="Arial, Helvetica, sans-serif"></font> </p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif" color="#FFE607">2005</font></B></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font size="1" face="Arial, Helvetica, sans-serif" color="#FFE607">2004</font></B></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="7" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Distributions paid from:</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt Income</font></TD>
      <TD width="15" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
      <TD width="80" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$8,873,115&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="15" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
      <TD width="80" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$9,102,913&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">121,889&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">68,424&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="2" colspan="7" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">Total Distributions Paid</FONT></TD>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$8,995,004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;</FONT></TD>
      <TD align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$9,171,337&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="2" colspan="7" bgcolor="#FFE607"></TD>
    </TR>
  </TABLE>
  <p> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif">&nbsp;As
    of December 31, 2005, the components of accumulated earnings on a tax basis
    were as follows:</font></font> </p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD height="2" colspan="4" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="514"><FONT size=1 face="Arial, Helvetica, sans-serif">Undistributed
        tax-exempt income &#151; net</FONT></TD>
      <TD width="12" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD width="59" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">49,929</FONT></TD>
      <TD width="15" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="514"><FONT size=1 face="Arial, Helvetica, sans-serif">Capital
        loss carryforward(*)</FONT></TD>
      <TD bgcolor="#FFFFED" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="59"><FONT size=1 face="Arial, Helvetica, sans-serif">(12,755,718</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="514"><FONT size=1 face="Arial, Helvetica, sans-serif">Other
        book/tax temporary differences<SUP>(a)</SUP></FONT></TD>
      <TD bgcolor="#FFFFED" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="59"><FONT size=1 face="Arial, Helvetica, sans-serif">1,004,556</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="514"><FONT size=1 face="Arial, Helvetica, sans-serif">Unrealized
        appreciation/(depreciation)<SUP>(b)</SUP></FONT></TD>
      <TD bgcolor="#FFFFED" width="12"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="59"><FONT size=1 face="Arial, Helvetica, sans-serif">5,716,716</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="1" colspan="4" bgcolor="#FFE607"></TD>
    </TR>
    <tr>
      <td bgcolor="#FFFFED" width="514"><font size=1 face="Arial, Helvetica, sans-serif">Total
        accumulated earnings/(losses) &#151; net</font></td>
      <td bgcolor="#FFFFED" width="12" align="right"><font size="1" face="Arial, Helvetica, sans-serif">$</font></td>
      <td align="right" bgcolor="#FFFFED" width="59"><font size=1 face="Arial, Helvetica, sans-serif">(5,984,517</font></td>
      <td bgcolor="#FFFFED" width="15"><font size=1 face="Arial, Helvetica, sans-serif">)</font></td>
    </tr>
    <TR>
      <TD height="1" colspan="4" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD height="1" colspan="4" bgcolor="#FFE607"></TD>
    </TR>
  </TABLE>
  <p><font size=1 face="Arial, Helvetica, sans-serif">*</font>&nbsp;<font size=1 face="Arial, Helvetica, sans-serif">The Fund had the following net capital loss carryforward remaining:</font></p>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><B><font size="1" face="Arial, Helvetica, sans-serif" color="#FFE607">Year
        of Expiration</font></B></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED" width="60"><B><font size="1" face="Arial, Helvetica, sans-serif" color="#FFE607">Amount</font></B></TD>
      <TD bgcolor="#FFFFED" width="15"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD height="3" colspan="5" bgcolor="#ffe607"></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2006</FONT></TD>
      <TD width="42" bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="8" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD width="60" align="right" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">(37,946</FONT></TD>
      <TD width="15" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2007</FONT></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(1,896,634</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2008</FONT></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(513,580</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2010</FONT></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(4,046,539</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2011</FONT></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(569,469</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2012</FONT></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(3,529,445</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><FONT size=1 face="Arial, Helvetica, sans-serif">12/31/2013</FONT></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="8"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(2,162,105</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD height="2" colspan="5" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD bgcolor="#FFFFED" width="475"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD bgcolor="#FFFFED" width="42"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="right" bgcolor="#FFFFED" width="8"><FONT size=1 face="Arial, Helvetica, sans-serif">$</FONT></TD>
      <TD align="right" bgcolor="#FFFFED" width="60"><FONT size=1 face="Arial, Helvetica, sans-serif">(12,755,718</FONT></TD>
      <TD bgcolor="#FFFFED" width="15"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD height="2" colspan="5" bgcolor="#FFE607"></TD>
    </TR>
  </TABLE>

  <TABLE width="600" border="0" cellpadding="0" cellspacing="0">
    <TR>
      <TD colspan="2" valign="top"><FONT size=1 face="Arial, Helvetica, sans-serif">These amounts will be available to offset any future taxable capital gains.</FONT> </TD>
    </TR>
    <TR>
      <TD width="20" valign="top"><FONT size=1 face="Arial, Helvetica, sans-serif">(a)<BR>
&nbsp;&nbsp;</FONT></TD>
      <TD valign="top"><FONT size=1 face="Arial, Helvetica, sans-serif">Other book/tax temporary differences are attributable primarily to unrealized losses on certain futures contracts and differences in the book/tax treatment of various items.</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size=1 face="Arial, Helvetica, sans-serif">(b)<BR>
&nbsp;&nbsp;</FONT></TD>
      <TD valign="top"><div align="justify"><FONT size=1 face="Arial, Helvetica, sans-serif">The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales and the difference between book &amp; tax amortization methods for market discount on fixed income securities.</FONT></div></TD>
    </TR>
  </TABLE>


  <p><b><font color="#ffe607" size=2 face="Arial, Helvetica, sans-serif">7. Regulatory
    Matters</font></b> <font color="#ffe607"><br>
    </font><font size="2" face="Times New Roman, Times, serif">On May 31, 2005,
    the U.S. Securities and Exchange Commission (&#147;SEC&#148;) issued an order
    in connection with the settlement of an administrative proceeding against
    SBFM and CGM relating to the appointment of an affiliated transfer agent for
    the Smith Barney family of mutual funds (the &#147;Funds&#148;).</font><font face="Times New Roman, Times, serif"><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The SEC order finds that SBFM and
    CGM willfully violated Section 206(1) of the Investment Advisers Act of 1940
    (&#147;Advisers Act&#148;). Specifically, the order finds that SBFM and CGM
    knowingly or recklessly failed to disclose to the boards of the Funds in 1999
    </font></font> </p>

  <p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">29</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2">
    <p style='page-break-before:always'></p>
  <PAGE>
</div>
<div style='width:600;'>
<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Notes to Financial Statements (continued)</font> </p>
  <p><font size="2" face="Times New Roman, Times, serif">when proposing a new transfer
    agent arrangement with an affiliated transfer agent that: <br>
    First Data Investors Services Group (&#147;First Data&#148;), the Funds&#146;
    then-existing transfer agent, had offered to continue as transfer agent and
    do the same work for substantially less money than before; and that Citigroup
    Asset Management (&#147;CAM&#148;), the Citigroup business unit that, at the
    time, included the Fund&#146;s investment manager and other investment advisory
    companies, had entered into a side letter with First Data under which CAM
    agreed to recommend the appointment of First Data as sub-transfer agent to
    the affiliated transfer agent in exchange for, among other things, a guarantee
    by First Data of specified amounts of asset management and investment banking
    fees to CAM and CGM. The order also finds that SBFM and CGM willfully violated
    Section 206(2) of the Advisers Act by virtue of the omissions discussed above
    and other misrepresentations and omissions in the materials provided to the
    Funds&#146; boards, including the failure to make clear that the affiliated
    transfer agent would earn a high profit for performing limited functions while
    First Data continued to perform almost all of the transfer agent functions,
    and the suggestion that the proposed arrangement was in the Funds&#146; best
    interests and that no viable alternatives existed. SBFM and CGM do not admit
    or deny any wrongdoing or liability. The settlement does not establish wrongdoing
    or liability for purposes of any other proceeding.</font><font face="Times New Roman, Times, serif"><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The SEC censured SBFM and CGM and
    ordered them to cease and desist from violations of Sections 206(1) and 206(2)
    of the Advisers Act. The order requires Citigroup to pay $208.1 million, including
    $109 million in disgorgement of profits, $19.1 million in interest, and a
    civil money penalty of $80 million. Approximately $24.4 million has already
    been paid to the Funds, primarily through fee waivers. The remaining $183.7
    million, including the penalty, has been paid to the U.S. Treasury and will
    be distributed pursuant to a plan prepared and submitted for approval by the
    SEC. The order also requires that transfer agency fees received from the Funds
    since December 1, 2004 less certain expenses be placed in escrow and provides
    that a portion of such fees may be subsequently distributed in accordance
    with the terms of the order.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The order required SBFM to recommend
    a new transfer agent contract to the Fund boards within 180 days of the entry
    of the order; if a Citigroup affiliate submitted a proposal to serve as transfer
    agent or sub-transfer agent, SBFM and CGM would have been required, at their
    expense, to engage an independent monitor to oversee a competitive bidding
    process. On November 21, 2005, and within the specified timeframe, the Fund&#146;s
    Board selected a new transfer agent for the Fund. No Citigroup affiliate submitted
    a proposal to serve as transfer agent. Under the order, SBFM also must comply
    with an amended version of a vendor policy that Citigroup instituted in August
    2004.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>At this time, there is no certainty
    as to how the proceeds of the settlement will be distributed, to whom such
    distributions will be made, the methodology by which such distributions will
    be allocated, and when such distributions will be made. Although there can
    be no assurance, SBFM does not believe that this matter will have a material
    adverse effect on the Funds.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On December 1, 2005, Citigroup
    completed the sale of substantially all of its global asset management business,
    including SBFM, to Legg Mason, Inc. (&#147;Legg Mason&#148;).</font></font>
  </p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">30</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <br>
  <HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p>

  <PAGE>
</div>







<div style='width:600;'>
<p><font color="#ffe607" size=4 face="Arial, Helvetica, sans-serif">Notes to Financial Statements (continued)</font> </p>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font color="#FFE607"><b><font size=2 face="Arial, Helvetica, sans-serif">8. Legal Matters</font></b><br>
    </font><font size=2 face="serif">Beginning in August 2005, five class action lawsuits alleging violations of federal securities laws and state law were filed against CGM and SBFM, (collectively, the &#147;Defendants&#148;) based on the May 31, 2005 settlement order issued against the Defendants by the SEC described in Note 7. The complaints seek injunctive relief and compensatory and punitive damages, removal of SBFM as the investment manager for the Smith Barney family of funds, rescission of the Funds&#146; management and other contracts with SBFM, recovery of all fees paid to SBFM pursuant to such contracts, and an award of attorneys&#146; fees and litigation expenses.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">On October 5, 2005, a motion to consolidate the five actions and any subsequently-filed, related action was filed. That motion contemplates that a consolidated amended complaint alleging substantially similar causes of action will be filed in the future.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">As of the date of this report, SBFM believes that resolution of the pending lawsuit will not have a material effect on the financial position or results of operations of the funds or the ability of SBFM and its affiliates to continue to render services to the funds under their respective contracts.</font> </td>
  </tr>
  <tr>
    <td height="20" align="center" valign="bottom"><font size=2 face="serif">* * *</font></td>
  </tr>
  <tr>
    <td><font size=2 face="serif">Beginning in June 2004, class action lawsuits alleging violations of the federal securities laws were filed against CGM and a number of its affiliates, including SBFM and Salomon Brothers Asset Management Inc (the &#147;Advisers&#148;), substantially all of the mutual funds managed by the Advisers, including the Fund (the &#147;Funds&#148;), and directors or trustees of the Funds (collectively, the &#147;Defendants&#148;). The complaints alleged, among other things, that CGM created various undisclosed incentives for its brokers to sell Smith Barney and Salomon Brothers funds. In addition, according to the complaints, the Advisers caused the Funds to pay excessive brokerage commissions to CGM for steering clients towards proprietary funds. The complaints also alleged that the Defendants breached their fiduciary duty to the Funds by improperly charging Rule 12b-1 fees and by drawing on fund assets to make undisclosed payments of soft dollars and excessive brokerage
commissions. The complaints also alleged that the Funds failed to adequately disclose certain aspects of the allegedly wrongful conduct. The complaints sought injunctive relief and compensatory and punitive damages, rescission of the Funds&#146; contracts with the Advisers, recovery of all fees paid to the Advisers pursuant to such contracts and an award of attorneys&#146; fees and litigation expenses.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">On December 15, 2004, a consolidated amended complaint (the &#147;Complaint&#148;) was filed alleging substantially similar causes of action. While the lawsuit is in its earliest stages, to the extent that the Complaint purports to state causes of action against the Funds, SBFM believes the Funds have significant defenses to such allegations, which the Funds intend to vigorously assert in responding to the Complaint.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the Defendants in the future.</font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
   <tr>
     <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
     <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">31</font></td>
   </tr>
 </table>
 <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>
<div style='width:600;'>
<p><font color="#ffe607" size=4 face="Arial, Helvetica, sans-serif">Notes to Financial Statements (continued)</font> <br><br>

  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">As of the date of this report, SBFM and the Funds believe that the resolution of the pending lawsuit will not have a material effect on the financial position or results of operations of the Funds or the ability of the Advisers and their affiliates to continue to render services to the Funds under their respective contracts.</font><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The Defendants have moved to dismiss the Complaint. Those motions are pending before the court.</font> </p>
<p> <b><font size=2 face="Arial, Helvetica, sans-serif"><font color="#FFE607">9. Other Matters</font></font></b><br>
  <font size=2 face="serif">On September 16, 2005, the staff of the SEC informed SBFM and Salomon Brothers Asset Management Inc (&#147;SBAM&#148;) that the staff is considering recommending that the SEC institute administrative proceedings against SBFM and SBAM for alleged violations of Section 19(a) and 34(b) of the 1940 Act (and related Rule 19a-1). The notification is a result of an industry wide inspection by the SEC and is based upon alleged deficiencies in disclosures regarding dividends and distributions paid to shareholders of certain funds. Section 19(a) and related Rule 19a-1 of the 1940 Act generally require funds that are making dividend and distribution payments to provide shareholders with a written statement disclosing the source of the dividends and distributions, and, in particular, the portion of the payments made from each of net investment income, undistributed net profits and/or paid-in capital. In connection with the contemplated proceedings, the staff may seek a cease and desist
order

and/or monetary damages from SBFM or SBAM.</font><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">Although there can be no assurance, SBFM and SBAM believe that this matter is not likely to have a material adverse effect on the Funds or SBFM and SBAM&#146;s ability to perform investment management services relating to the Funds.</font> </p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
  <tr>
    <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">32</font></td>
    <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>
<div style='width:600;'>
<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Re<a name="bk33"></a>port of Independent Registered Public <br>
Accounting Firm</font> </p>
<p> <font color="#FFE607"><b><font size=2 face="Arial, Helvetica, sans-serif">The Shareholders and Board of Directors <br>
  Intermediate Muni Fund, Inc.:</font></b> </font></p>
<p> <font size=2 face="serif">We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Intermediate Muni Fund, Inc. as of December 31, 2005, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2005, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Intermediate Muni Fund, Inc. as of December 31, 2005, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with the U.S. generally accepted accounting principles.</font> </p>
<p align="right"><img src="kpmg.jpg" width="168" height="42"></p>
<p> <font size=2 face="serif">New York, New York <br>
  February 22, 2006</font> </p>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
   <tr>
     <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
     <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">33</font></td>
   </tr>
 </table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>






<div style='width:600;'>

  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD colspan="17">
        <p><FONT color="#FFE607" size=4 face="sans-serif">Finan<a name="bk34"></a>cial
          Data (unaudited)</FONT></p>
        <p><I><FONT size=2 face="sans-serif">For a share of capital stock outstanding
          throughout each period:</FONT></I></p>
      </TD>
    </TR>
    <TR valign="bottom" bgcolor="#FFFFED">
      <TD height="20" width="209"><font color="#ffe607" size="1">&nbsp;&nbsp;&nbsp;</font></TD>
      <TD height="20" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" colspan="2"><B><font color="#ffe607" face="sans-serif" size="1">AMEX</font></B></TD>
      <TD height="20" align="center" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" colspan="2"><B><font color="#ffe607" face="sans-serif" size="1">Net
        Asset</font></B></TD>
      <TD height="20" align="center" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" width="70" colspan="2"><b><font color="#ffe607" face="sans-serif" size="1">Distributions</font></b></TD>
      <TD height="20" align="center" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" width="15"><font size="1"></font></TD>
      <TD height="20" align="center" nowrap colspan="2"><b><font color="#ffe607" face="sans-serif" size="1">Reinvestment</font></b></TD>
      <TD height="20" width="15"><font size="1"></font></TD>
    </TR>
    <TR valign="middle">
      <TD height="14" bgcolor="#FFFFED" width="209"><font color="#ffe607" size="1">&nbsp;&nbsp;<B><FONT face="sans-serif">Period</FONT></B></font></TD>
      <TD height="14" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" colspan="2" nowrap><B><font color="#ffe607" face="sans-serif" size="1">Closing
        Price*</font></B></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" nowrap colspan="2"><b><font color="#ffe607" face="sans-serif" size="1">Value*</font></b></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="70" colspan="2"><b><font color="#ffe607" face="sans-serif" size="1">Paid</font></b></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
      <TD height="14" align="center" bgcolor="#FFFFED" colspan="2"><b><font color="#ffe607" face="sans-serif" size="1">Price</font></b></TD>
      <TD height="14" bgcolor="#FFFFED" width="15"><font size="1"></font></TD>
    </TR>
    <TR>
      <td height="3" colspan="17" bgcolor="#ffe607"></td>
    </TR>
    <tr valign="bottom">
      <td height="13" bgcolor="#FFFFED" width="209"><font size="1"><b><font face="sans-serif">Fiscal
        Year 2004</font></b></font></td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" align="right" bgcolor="#FFFFED" width="51"><font size="1">&nbsp;</font></td>
      <td height="13" align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" align="right" bgcolor="#FFFFED" width="46"><font size="1">&nbsp;</font></td>
      <td height="13" align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" align="center" bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
      <td height="13" align="center" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td height="13" align="right" bgcolor="#FFFFED" width="45"><font size="1">&nbsp;</font></td>
      <td height="13" align="right" bgcolor="#FFFFED" width="16">&nbsp;</td>
      <td height="13" bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr valign="middle">
      <td height="13" bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">January</font></font></td>
      <td width="15" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td width="51" height="13" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">$10.41</font></td>
      <td width="19" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td width="15" height="13" bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
      <td width="15" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td width="46" height="13" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">$10.27</font></td>
      <td width="24" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td width="15" height="13" bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
      <td width="15" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td height="13" align="right"  bgcolor="#FFFFED"><font size=1 face="sans-serif">$0.051</font></td>
      <td width="10" height="13" align="center" bgcolor="#FFFFED">&nbsp;</td>
      <td width="15" height="13" bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
      <td width="15" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td width="45" height="13" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">$10.29</font></td>
      <td width="16" height="13" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td width="15" height="13" bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">February</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">10.49</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.36</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">10.41</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">March</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">10.49</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.19</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">10.25</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">April</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.20</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.08</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.24</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">May</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.57</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.02</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.60</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">June</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.23</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.99</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.39</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">July</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.65</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.06</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.61</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">August</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.64</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.12</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.59</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">September</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.37</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.10</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.67</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">October</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.55</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.09</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.69</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">November</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.40</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.02</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.65</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">December</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.36</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.02</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.45</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><b><font face="sans-serif">Fiscal
        Year 2005</font></b></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="51"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="46"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" bgcolor="#FFFFED"><font size="1">&nbsp;</font></td>
      <td width="16" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">January</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.46</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">10.01</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.47</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">February</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.44</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.97</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.46</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">March</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.10</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.86</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.14</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">April</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.27</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.90</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.26</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">May</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.29</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.81</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.33</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">June</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.67</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.77</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.051</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.60</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">July</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.68</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.77</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.043</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.71</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">August</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.23</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.74</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.043</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">9.27</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">September</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">9.07</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.73</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.043</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">8.29</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">October</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">8.87</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.70</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.040</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">8.95</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">November</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">8.59</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.70</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.040</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">8.72</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <tr>
      <td bgcolor="#FFFFED" width="209"><font size="1"><font face="sans-serif">December</font></font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="51"><font size=1 face="sans-serif">8.60</font></td>
      <td align="right" bgcolor="#FFFFED" width="19">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED" width="46"><font size=1 face="sans-serif">9.66</font></td>
      <td align="right" bgcolor="#FFFFED" width="24">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">0.040</font></td>
      <td align="right" bgcolor="#FFFFED" width="10">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
      <td width="45" align="right" bgcolor="#FFFFED"><font size=1 face="sans-serif">8.65</font></td>
      <td width="16" align="right" bgcolor="#FFFFED">&nbsp;</td>
      <td bgcolor="#FFFFED" width="15"><font size="1">&nbsp;</font></td>
    </tr>
    <TR>
      <td height="1" colspan="17" bgcolor="#ffe607"></td>
    </TR>
    <TR>
      <TD height="20" colspan="16" valign="bottom"><FONT size=1 face="serif">*</FONT>&nbsp;<FONT size=1 face="sans-serif">On
        the last business day of the month. </FONT> </TD>
      <TD height="20" width="15">&nbsp;</TD>
    </TR>
    <TR>
      <TD height="20" colspan="16" valign="bottom">&nbsp;</TD>
      <TD height="20" width="15">&nbsp;</TD>
    </TR>
  </TABLE>
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    <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">34</font></td>
    <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="sans-serif"> </font></font><font size=1 face="sans-serif">2005 Annual Report</font></td>
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<P>
<FONT color="#FFE607" size=4 face="sans-serif">Boar<a name="bk35"></a>d Approval of Management Agreement (unaudited)</FONT></P>
<p><B><FONT color="#FFE607" size=2 face="sans-serif"><b>Background</b></FONT><FONT size=2 face="sans-serif"><br>
</FONT></B><FONT size=2 face="serif">The members of the Board of Intermediate Muni Fund, Inc. (the &#147;Fund&#148;), including the Fund&#146;s independent, or non-interested, Board members (the &#147;Independent Board Members&#148;), received information from the Fund&#146;s manager (the &#147;Manager&#148;) to assist them in their consideration of the Fund&#146;s management agreement (the &#147;Management Agreement&#148;). The Board received and considered a variety of information about the Manager, Smith Barney Funds Management LLC and the Fund&#146;s distributor(s), as well as the advisory and distribution arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below.<br>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The presentation made to the Board encompassed the Fund and all the funds for which the Board has responsibility. Some funds overseen by the Board have an investment advisory agreement and an administration agreement and some funds have an investment management agreement that encompasses both functions. The discussion below covers both advisory and administrative functions being rendered by the Manager whether a fund has a single agreement in place or both an advisory and administration agreement. The terms &#147;Management Agreement&#148;, &#147;Contractual Management Fee&#148; and &#147;Actual Management Fee&#148; are used in a similar manner to refer to both advisory and administration agreements and their related fees whether a fund has a single agreement or separate agreements in place.</FONT>
</P>
<P>
<B><FONT color="#FFE607" size=2 face="sans-serif">Board Approval of Management Agreement<br>
</FONT></B><FONT size=2 face="serif">In approving the Management Agreement, the Fund&#146;s Board, including the Independent Board Members, considered the following factors:</FONT></P>
<P>
<B><FONT color="#FFE607" size=2 face="sans-serif">Nature, Extent and Quality of the Services under the Management<br>
</FONT></B><FONT size=2 face="serif">The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager under the Management Agreement during the past year. The Board also received a description of the administrative and other services rendered to the Fund and its shareholders by the Manager. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager about the management of the Fund&#146;s affairs and the Manager&#146;s role in coordinating the activities of the Fund&#146;s other service providers. The Board&#146;s evaluation of the services provided by the Manager took into account the Board&#146;s knowledge and familiarity gained as Board members of funds in the Citigroup Asset Management (&#147;CAM&#148;) fund complex, including the scope and quality of the Manager&#146;s investment management and other capabilities and the quality of its administrative and other
services.

The Board observed that the scope of services provided by the Manager had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Fund&#146;s expanded compliance programs. The Board also considered the Manager&#146;s response to recent regulatory compliance issues affecting it and the CAM fund complex. The Board reviewed information received from the Manager regarding the implementation to date of the Fund&#146;s compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940.</FONT></P>
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    <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">35</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
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<FONT color="#FFE607" size=4 face="sans-serif">Board Approval of Management Agreement (unaudited) (continued)</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board reviewed the qualifications, backgrounds and responsibilities of the Fund&#146;s senior personnel and the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the degree to which the Manager implemented organizational changes to improve investment results and the services provided to the CAM fund complex. The Board noted that the Manager&#146;s Office of the Chief Investment Officer, composed of the senior officers of the investment teams managing the funds in the CAM complex, participates in reporting to the Board on investment matters. The Board also considered, based on its knowledge of the Manager and its affiliates, the financial resources available to CAM and its parent organization, Citigroup Inc.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board also considered the Manager&#146;s brokerage policies and practices, the standards applied in seeking best execution, the Manager&#146;s policies and practices regarding soft dollars, the use of a broker affiliated with the Manager and the existence of quality controls applicable to brokerage allocation procedures. In addition, management also reported to the Board on, among other things, its business plans, recent organizational changes and portfolio manager compensation plan.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At the Board&#146;s request following the conclusion of the 2004 contract continuance discussions, the Manager prepared and provided to the Board in connection with the 2005 discussions an analysis of complex-wide management fees, which, among other things, set out a proposed framework of fees based on asset classes. The Board engaged the services of independent consultants to assist it in evaluating the Fund&#146;s fees generally and within the context of the framework.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided) under the Management Agreement were acceptable.</FONT>
</P>
<P>
<B><FONT color="#FFE607" size=2 face="sans-serif"><b>Fund Performance</b><br>
</FONT></B><FONT size=2 face="serif">The Board received and considered performance information for the Fund as well as for a group of funds (the &#147;Performance Universe&#148;) selected by Lipper Inc. (&#147;Lipper&#148;), an independent provider of investment company data. The Board was provided with a description of the methodology Lipper used to determine the similarity of the Fund with the funds included in the Performance Universe. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund&#146;s performance against its benchmark(s).<br>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The information comparing the Fund&#146;s performance to that of the Performance Universe, consisting of all closed-end funds classified as &#147;general municipal leveraged debt&#148; by Lipper, showed that the Fund&#146;s performance for all periods presented was below the median. The Board noted that the universe selected by Lipper included all general municipal leveraged funds due to the limited number of intermediate closed-end fund offerings and that most general municipal leveraged debt funds have durations considerably longer than the Fund, thereby adversely affecting the comparison from the Fund&#146;s</FONT>
</P>
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<div style='width:600;'>
<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Board Approval of Management Agreement (unaudited) (continued)</font> </p>
  <p> <font size=2>perspective and Management noted that there has been a change
    in the reporting structure of the portfolio management team. In addition,
    during the last year, the investment processes and the credit processes have
    been substantially enhanced in an effort to support the continuing portfolio
    manager&#146;s performance. Nevertheless, the Board continues to be disappointed
    with the performance of this portfolio, and the Board will continue to monitor
    the situation.</font> </p>
<p> <b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">Management Fees and Expense Ratios</font></b> <br>
    <font size=2>The Board reviewed and considered the contractual management
    fee (the &#147;Contractual Management Fee&#148;) payable by the Fund to the
    Manager in light of the nature, extent and quality of the management services
    provided by the Manager.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Additionally, the Board received
    and considered information comparing the Fund&#146;s Contractual Management
    Fee and Actual Management Fee and the Fund&#146;s overall expenses with those
    of funds in both the relevant expense group and a broader group of funds,
    each selected and provided by Lipper. The Board also reviewed information
    regarding fees charged by the Manager to other U.S. clients investing primarily
    in an asset class similar to that of the Fund including, where applicable,
    separate accounts. The Manager reviewed with the Board the significant differences
    in scope of services provided to the Fund and to these other clients, noting
    that the Fund is provided with administrative services, office facilities,
    Fund officers (including the Fund&#146;s chief executive, chief financial
    and chief compliance officers), and that the Manager coordinates and oversees
    the provision of services to the Fund by other Fund providers. The Board considered
    the fee comparisons in light of the differences required to manage these different
    types of accounts. The Board received an analysis of complex-wide management
    fees provided by the Manager, which, among other things, set out a proposed
    framework of fees based on asset classes.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The information comparing the Fund&#146;s
    Contractual and Actual Management Fees as well as its actual total expense
    ratio to its Expense Group, consisting of 14 closed-end leveraged funds (including
    the Fund) classified as &#147;general municipal leveraged debt&#148; by Lipper,
    showed that the Fund&#146;s Contractual and Actual Management Fees were within
    the range of management fees paid by the other funds in the Expense Group
    and, indeed, were better than the median. The Board noted that the Fund&#146;s
    actual total expense ratio was also better than the median. After discussion
    with the Board, the Manager offered to and will reduce the Contractual Management
    Fee of the Fund, effective on or about October 1, 2005.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Taking all of the above into consideration,
    the Board determined that the Management Fee was reasonable in light of the
    nature, extent and quality of the services provided to the Fund under the
    Management Agreement.</font> </p>
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  <p><font color="#ffe607" size=4 face="Arial, Helvetica, sans-serif">Board Approval of Management Agreement (unaudited) (continued)</font> </p>
  <p><b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">Manager Profitability</font></b> <br>
    <font size=2>The Board received and considered a profitability analysis of
    the Manager and its affiliates in providing services to the Fund. The Board
    also received profitability information with respect to the CAM fund complex
    as a whole. In addition, the Board received information with respect to the
    Manager&#146;s allocation methodologies used in preparing this profitability
    data as well as a report from an outside consultant that had reviewed the
    Manager&#146;s methodology. The Manager&#146;s profitability was considered
    not excessive in light of the nature, extent and quality of the services provided
    to the Fund.</font> </p>
  <p> <b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">Economies of Scale</font></b> <br>
    <font size=2>The Board received and discussed information concerning whether
    the Manager realizes economies of scale as the Fund&#146;s assets grow beyond
    current levels. However, because of the nature of the Manager&#146;s business,
    the Board could not reach definitive conclusions as to whether the Manager
    might realize economies of scale or how great they may be.</font> </p>
  <p> <b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">Other Benefits to the Manager</font></b> <br>
    <font size=2>The Board considered other benefits received by the Manager,
    and their affiliates as a result of their relationship with the Fund, including
    soft dollar arrangements, receipt of brokerage and the opportunity to offer
    additional products and services to Fund shareholders.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In light of the costs of providing
    investment management and other services to the Fund and the Manager&#146;s
    ongoing commitment to the Fund, the profits and other ancillary benefits that
    the Manager and its affiliates received were considered reasonable.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In light of all of the foregoing,
    the Board approved the Management Agreement to continue for another year.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>No single factor reviewed by the
    Board was identified by the Board as the principal factor in determining whether
    to approve the Management Agreement. The Independent Board Members were advised
    by separate independent legal counsel throughout the process. The Board discussed
    the proposed continuance of the Management Agreement in a private session
    with their independent legal counsel at which no representatives of the Manager
    were present.</font> </p>
  <p> <b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">Additional Information</font></b> <br>
    <font size=2>On June 23, 2005, Citigroup Inc. entered into a definitive agreement
    (the &#147;Transaction Agreement&#148;) with Legg Mason, Inc. under which
    Citigroup agreed to sell substantially all of its asset management business,
    Citigroup Asset Management (&#147;CAM&#148;), which includes the Adviser,
    to Legg Mason in exchange for the broker-dealer and investment banking businesses
    of Legg Mason and certain other considerations (the &#147;Transaction&#148;).
    The Transaction closed on December 1, 2005.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The consummation of the Transaction
    resulted in the automatic termination of the Fund&#146;s current management
    agreement in accordance with the Investment Company Act of 1940, as amended
    (the &#147;1940 Act&#148;). Prior to the closing of the Transaction, the</font>
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      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
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<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Board Approval of Management Agreement (unaudited) (continued)</font> </p>
  <p><font size=2>Fund&#146;s Board approved a new management agreement between
    the Fund and the Adviser (the &#147;New Management Agreement&#148;), and authorized
    the Fund&#146;s officers to submit the New Management Agreement to shareholders
    for their approval.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>On July 11, 2005, members of the
    Board discussed with CAM management and certain Legg Mason representatives
    the Transaction and Legg Mason&#146;s general plans and intentions regarding
    CAM&#146;s business and its combination with Legg Mason&#146;s business. The
    Board Members also inquired about the plans for and anticipated roles and
    responsibilities of certain CAM employees and officers after the Transaction.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>At a meeting held on August 1,
    2005, the Fund&#146;s Board, including a majority of the Board Members who
    are not &#147;interested persons&#148; of the Fund or the Adviser as defined
    in the 1940 Act (the &#147;Independent Board Members&#148;), approved the
    New Management Agreement. To assist the Board in its consideration of the
    New Management Agreement, Legg Mason provided materials and information about
    Legg Mason, including its financial condition, asset management capabilities
    and organization, and CAM provided materials and information about the Transaction
    between Legg Mason and Citigroup. Representatives of CAM and Legg Mason also
    made presentations to and responded to questions from the Board. The Independent
    Board Members, through their independent legal counsel, also requested and
    received additional information from CAM and Legg Mason in connection with
    their consideration of the New Management Agreement. The additional information
    was provided in advance of and at the August meeting. After the presentations
    and after reviewing the written materials provided, the Independent Board
    Members met in executive session with their counsel to consider the New Management
    Agreement The Independent Board Members also conferred separately and with
    their counsel about the Transaction on a number of occasions, including in
    connection with the July and August meetings.</font><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In their deliberations concerning
    the New Management Agreement, among other things, the Board Members considered:</font><br>
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    <td width="20">&nbsp;</td>
      <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reputation, financial
        strength and resources of Legg Mason and its investment advisory subsidiaries;</font></td>
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    <td>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>(ii) that, following the Transaction,
        CAM will be part of an organization focused on the asset management business;
        </font></td>
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    <td>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>(iii) that Legg Mason and its
        wholly-owned subsidiary, Western Asset Management Company and its affiliates
        (&#147;Western Asset&#148;), are experienced and respected asset management
        firms, and that Legg Mason has advised the Board Members that (a) it intends
        to combine the fixed income investment operations (including money market
        fund operations) of CAM with those of Western Asset and may also wish
        to combine other CAM operations with those of other Legg Mason subsidiaries;
        (b) after the closing of the Transaction, it will take steps to combine
        the investment management operations of Western Asset with the fixed income
        operations of the Adviser, which, among other things, may involve Western
        Asset and the Adviser sharing common systems and procedures, employees
        (including portfolio managers), investment and trading platforms,</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
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     <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
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<div style='width:600;'>
<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Board Approval of Management Agreement (unaudited) (continued)</font></p>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">and other resources;
        (c) it is expected that these combination processes will result in changes
        to portfolio managers or portfolio management teams for a number of the
        CAM funds, subject to Board oversight and appropriate notice to shareholders,
        and that, in other cases, the current portfolio managers or portfolio
        management teams will remain in place; and (d) in the future, it may recommend
        that Western Asset or other Legg Mason subsidiaries be appointed as the
        adviser or subadviser to some or all of the CAM funds, subject to applicable
        regulatory requirements;</font></td>
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      <td width="20">&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
        that CAM management had advised the Board that a number of portfolio managers
        and other key CAM personnel would be retained after the closing of the
        Transaction; </font> </td>
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      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
        that CAM management and Legg Mason have advised the Board that following
        the Transaction, there is not expected to be any diminution in the nature,
        quality and extent of services provided to the Fund and their shareholders
        by the Adviser, including compliance services; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
        that Legg Mason has advised the Board that it has no present intention
        to alter the expense waivers and reimbursements currently in effect and,
        while it reserves the right to do so in the future, it would consult with
        the Board before making any changes; </font></td>
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      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
        that under the Transaction Agreement, Citigroup and Legg Mason have agreed
        not to take any action that is not contemplated by the Transaction or
        fail to take any action that to their respective knowledge would cause
        any &#147;undue burden&#148; on Fund shareholders under applicable provisions
        of the 1940 Act; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
        the assurances from Citigroup and Legg Mason that, for a three-year period
        following the closing of the Transaction, Citigroup-affiliated broker-dealers
        will continue to offer the Fund as an investment product, and the potential
        benefits to Fund shareholders from this and other third-party distribution
        access; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
        the potential benefits to Fund shareholders from being part of a combined
        fund family with Legg Mason-sponsored funds; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
        that Citigroup and Legg Mason would derive benefits from the Transaction
        and that, as a result, they have a financial interest in the matters that
        were being considered; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)
        the potential effects of regulatory restrictions on the Fund if Citigroup-affiliated
        broker-dealers remain principal underwriters of the Fund after the closing
        of the Transaction; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)
        the fact that the Fund&#146;s total advisory and administrative fees will
        not increase by virtue of the New Management Agreement, but will remain
        the same; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)
        the terms and conditions of the New Management Agreement, including the
        differences from the current management agreement, and the benefits of
        a single, uniform form of agreement covering these services; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)
        that the Fund would not bear the costs of obtaining shareholder approval
        of the New Management Agreement; </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)
        that the Fund would avail itself of permissions granted under certain
        licensing arrangements between Citigroup and Legg Mason that would permit
        the Fund (including any share classes thereof) to maintain its current
        name, as well as all logos,</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>

    <table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
      <tr>
        <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">40</font></td>
        <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
      </tr>
    </table>
</div>
<div style='width:600;'>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>

</div>
<p><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Board Approval of Management Agreement (unaudited) (continued)</font></p>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="20">&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">trademarks and service
      marks, related to Citigroup or any of its affiliates for some agreed upon
      time period after the closing of the Transaction; and</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)
      that, as discussed in detail above, within the past year the Board had performed
      a full annual review of the current management agreement as required by
      the 1940 Act. In that regard, the Board, in its deliberations concerning
      the New Management Agreement, considered the same factors regarding the
      nature, quality and extent of services provided, costs of services provided,
      profitability, fall-out benefits, fees and economies of scale and investment
      performance as it did when it renewed the current management agreement,
      and reached substantially the same conclusions.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
  <tr>
    <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif">
</font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
    <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">41</font></td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="LEFT" width="600" size="2"><p style='page-break-before:always'></p><PAGE>
<p><font color="#FFE607" size="3" face="Arial, Helvetica, sans-serif"><a name="bk42"></a></font><font color="#FFE607" size="4" face="Arial, Helvetica, sans-serif">Additional
  Information (unaudited)</font></P>
<p><b><font color="#FFE607" size=2 face="Arial, Helvetica, sans-serif">Information about Directors and Officers</FONT></B></P>
<table width="600" border="0" cellpadding="0" cellspacing="0" bgcolor="#ffffed">
  <tr bgcolor="#FFFFFF">
    <td colspan="12"><font size="2" face="Times New Roman, Times, serif">The business
      and affairs of the Intermediate Muni Fund, Inc. (&#147;Fund&#148;) are managed
      under the direction of the Board of Directors. Information pertaining to
      the Directors and Officers of the Fund is set forth below.</font></td>
  </tr>
  <tr bgcolor="#FFFFFF">
    <td width="1">&nbsp;</td>
    <td width="138">&nbsp;</td>
    <td width="20">&nbsp;</td>
    <td width="58">&nbsp;</td>
    <td width="20">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="18">&nbsp;</td>
    <td width="120">&nbsp;</td>
    <td width="20">&nbsp;</td>
    <td width="59">&nbsp;</td>
    <td width="20">&nbsp;</td>
    <td width="80">&nbsp;</td>
  </tr>
  <tr bgcolor="#FFFFFF">
    <td width="1">&nbsp;</td>
    <td width="138"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="58"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="48"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="18"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="120"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="59"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="80"><font face="Arial, Helvetica, sans-serif"></font></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td align="left" valign="bottom" width="138"><b><font size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Name,
      Address</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      and Birth Year</font></b></td>
    <td align="center" valign="bottom" width="20"><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="58" nowrap><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"></font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Position(s)</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Held with</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Fund</font></b></td>
    <td align="center" valign="bottom" width="20"><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" align="center" width="55" nowrap><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Term
      of</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Office*<br>
      and Length</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      of Time</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Served</font></b></td>
    <td align="center" valign="bottom" width="18"><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="110"><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></b><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Principal</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Occupation(s)</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      During Past</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      5 Years</font></b></td>
    <td align="center" valign="bottom" width="20"><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="59" nowrap><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Number
      of</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Portfolios</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      in Fund</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Complex</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Overseen</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      by Director</font></b></td>
    <td align="center" valign="bottom" width="20"><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="80" nowrap><b><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Other</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Board</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Memberships</font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif"><br>
      Held by<br>
      </font></b><b><font color="#ffe607" size="1" face="Arial, Helvetica, sans-serif">Director</font></b></td>
  </tr>
  <tr>
    <td height="3" style=' background:#FFE607;' width="1"> </td>
    <td height="3" style=' background:#FFE607;' width="138"></td>
    <td height="3" style=' background:#FFE607;' width="20"></td>
    <td height="3" style=' background:#FFE607;' width="58"></td>
    <td height="3" style=' background:#FFE607;' width="20"></td>
    <td height="3" style=' background:#FFE607;' width="48"></td>
    <td height="3" style=' background:#FFE607;' width="18"></td>
    <td height="3" style='background:#FFE607;' width="120"></td>
    <td height="3" style=' background:#FFE607;' width="20"></td>
    <td height="3" style=' background:#FFE607;' width="59"></td>
    <td height="3" style=' background:#FFE607;' width="20"></td>
    <td height="3" style=' background:#FFE607;' width="80"></td>
  </tr>
  <tr>
    <td width="1"></td>
    <td nowrap width="138"><b><font size="1" face="Arial, Helvetica, sans-serif">Non-Interested
      Directors: </font></b></td>
    <td width="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="58"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="48"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="18"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="59"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
    <td width="80"><font size="1" face="Arial, Helvetica, sans-serif"></font></td>
  </tr>
  <tr>
    <td rowspan="6" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Lee Abraham
      </font></td>
    <td rowspan="6" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="6" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="6" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap width="120"><font size="1" face="Arial, Helvetica, sans-serif">Retired;
      Former Director</font></td>
    <td rowspan="6" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    <td rowspan="6" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">13732 LeHavre
      Drive </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1999</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">of Signet
      Group PLC</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Frenchman&#146;s
      Creek</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Palm Beach
      Gardens, </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">FL 33410
      </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1927 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="138" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="58" align="center" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="48" ></td>
    <td height="3" width="18" ></td>
    <td height="3" width="120"></td>
    <td height="3" width="20"></td>
    <td height="3" width="59"></td>
    <td height="3" width="20" ></td>
    <td height="3" width="80"></td>
  </tr>
  <tr>
    <td rowspan="5" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Jane F.
      Dasher </font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="5" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Controller
      of PBK</font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    <td rowspan="5" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Korsant
      Partners </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1999</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Holdings
      Inc., a family</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">283 Greenwich
      Avenue </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">investment
      company</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Greenwich,
      CT 06830</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1949</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="138" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="58" align="center" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="48" ></td>
    <td height="3" width="18" ></td>
    <td height="3" width="120"></td>
    <td height="3" width="20"></td>
    <td height="3" width="59"></td>
    <td height="3" width="20" ></td>
    <td height="3" width="80"></td>
  </tr>
  <tr>
    <td rowspan="4" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Donald
      R. Foley </font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="4" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Retired</font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    <td rowspan="4" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">3668 Freshwater
      Drive </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1993</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Jupiter,
      FL 33477 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1922 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="138" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="58" align="center" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="48" ></td>
    <td height="3" width="18" ></td>
    <td height="3" width="120"></td>
    <td height="3" width="20"></td>
    <td height="3" width="59"></td>
    <td height="3" width="20" ></td>
    <td height="3" width="80"></td>
  </tr>
  <tr>
    <td rowspan="4" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Richard
      E. Hanson, Jr. </font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="4" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Retired;
      Former Head of</font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    <td rowspan="4" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">2751 Vermont
      Route 140 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1999</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">the New
      Atlanta Jewish</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Poultney,
      VT 05764 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Community
      High School</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1941 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="138" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="58" align="center" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="48" ></td>
    <td height="3" width="18" ></td>
    <td height="3" width="120"></td>
    <td height="3" width="20"></td>
    <td height="3" width="59"></td>
    <td height="3" width="20" ></td>
    <td height="3" width="80"></td>
  </tr>
  <tr>
    <td rowspan="5" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Paul Hardin
      </font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="5" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Professor
      of Law &amp;</font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">34</font></td>
    <td rowspan="5" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">12083 Morehead
      </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1996</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Chancellor
      Emeritus at</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Chapel
      Hill, NC</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">the University
      of</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">27514-8426
      </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">North Carolina</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1931 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="138" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="58" align="center" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="48" ></td>
    <td height="3" width="18" ></td>
    <td height="3" width="120"></td>
    <td height="3" width="20"></td>
    <td height="3" width="59"></td>
    <td height="3" width="20" ></td>
    <td height="3" width="80"></td>
  </tr>
  <tr>
    <td rowspan="4" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Roderick
      C. Rasmussen </font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="4" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Investment
      Counselor</font></td>
    <td rowspan="4" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    <td rowspan="4" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">9 Cadence
      Court </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1993</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Morristown,
      NJ 07960 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1926 </font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="138" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="58" align="center" ></td>
    <td height="3" width="20" ></td>
    <td height="3" width="48" ></td>
    <td height="3" width="18" ></td>
    <td height="3" width="120"></td>
    <td height="3" width="20"></td>
    <td height="3" width="59"></td>
    <td height="3" width="20" ></td>
    <td height="3" width="80"></td>
  </tr>
  <tr>
    <td rowspan="5" width="1">&nbsp;</td>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">John P.
      Toolan </font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="58" align="center"><font size="1" face="Arial, Helvetica, sans-serif">Director</font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">Since</font></td>
    <td rowspan="5" width="18"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">Retired</font></td>
    <td rowspan="5" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="59"><font size="1" face="Arial, Helvetica, sans-serif">27</font></td>
    <td rowspan="5" align="center" width="20"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="center" width="80"><font size="1" face="Arial, Helvetica, sans-serif">None</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">7202 Southeast
      Golf</font></td>
    <td width="58"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="center" width="48"><font size="1" face="Arial, Helvetica, sans-serif">1993</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Ridge Way
      </font></td>
    <td width="58"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Hobe Sound,
      FL 33455</font></td>
    <td width="58"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="138"><font size="1" face="Arial, Helvetica, sans-serif">Birth Year:
      1930 </font></td>
    <td width="58"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="48"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="120"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="59"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="80"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td width="138"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="58"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="48"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="18"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="120"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="59"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="20"><font face="Arial, Helvetica, sans-serif"></font></td>
    <td width="80"><font face="Arial, Helvetica, sans-serif"></font></td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
  <tr>
    <td align="left" valign=bottom >&nbsp;</td>
    <td align="left"  valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">42</font></td>
    <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="LEFT" width="600" size="2"><p style='page-break-before:always'></p><PAGE>







<P>
<FONT color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Additional Information (unaudited) (continued)</FONT></P>
<table width="600" border="0" cellpadding="0" cellspacing="0" bgcolor="#ffffed">
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="bottom" width="136">
<div align="left"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Name, Address<br>
and Birth Year</font></div></td>
    <td width="16"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td width="60" align="center" valign="bottom">
<div align="center"><font color="#ffe607" size="1"></font></div>
    <div align="center"><font color="#ffe607" size="1"></font></div>      <div align="center"><font color="#ffe607" size="1"></font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Position(s)</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Held with</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Fund</font></div></td>
    <td align="center" width="16"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="64">
<div align="center"><font size="1"></font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Term of</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Office*</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">and Length</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">of Time</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Served</font></div></td>
    <td align="center" width="17"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td width="120" align="center" valign="bottom">
<div align="center"><font size="1"></font></div>      <div align="center"><font size="1"></font></div>
    <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Principal</font></div>
    <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Occupation(s)</font></div>
    <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">During Past</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">5 Years</font></div></td>
    <td align="center" width="14"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="66">
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Number of</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Portfolios</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">in Fund</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Complex</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Overseen</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">by Director</font></div></td>
    <td align="center" width="14"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="76">
      <div align="center"><font size="1"></font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Other</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Board</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Memberships</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Held by</font></div>      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Director</font></div></td>
  </tr>

  <tr>
    <td height="3" style=' background:#FFE607;' width="1"> </td>
    <td height="3" style=' background:#FFE607;' width="136"></td>
    <td height="3" style=' background:#FFE607;' width="16"></td>
    <td height="3" style=' background:#FFE607;' width="60"></td>
    <td height="3" style=' background:#FFE607;' width="16"></td>
    <td height="3" style=' background:#FFE607;' width="64"></td>
    <td height="3" style=' background:#FFE607;' width="17"></td>
    <td height="3" style='background:#FFE607;' width="120"></td>
    <td height="3" style=' background:#FFE607;' width="14"></td>
    <td height="3" style=' background:#FFE607;' width="66"></td>
    <td height="3" style=' background:#FFE607;' width="14"></td>
    <td height="3" style=' background:#FFE607;' width="76"></td>
  </tr>
  <tr>
    <td width="1"></td>
    <td height="5" width="136"><B><FONT size=1 face="Arial, Helvetica, sans-serif">Interested
      Director: </FONT></B></td>
    <td width="16"><font size="1"></font></td>
    <td width="60"><font size="1"></font></td>
    <td width="16"><font size="1"></font></td>
    <td width="64"><font size="1"></font></td>
    <td width="17"><font size="1"></font></td>
    <td width="120"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td width="66"><font size="1"></font></td>
    <td width="14"><font size="1"></font></td>
    <td width="76"><font size="1"></font></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="top" width="136">
<div align="left"><font size=1 face="Arial, Helvetica, sans-serif">R. Jay Gerken, CFA** </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Citigroup Asset </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Management (&#147;CAM&#148;)</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">399 Park Avenue </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Mezzanine </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">New York, NY 10022 </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth Year: 1951</font></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div
 align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div></td>
    <td width="16">&nbsp;</td>
    <td valign="top" width="60">
<div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Chairman,</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">President</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">and Chief</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Executive</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Officer</font></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div></td>
    <td width="16">&nbsp;</td>
    <td align="center" valign="top" width="64">
<div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font></div>      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">2002</font></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div></td>
    <td width="17">&nbsp;</td>
    <td valign="top" width="120">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Managing Director of</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM; Chairman, President</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">and Chief Executive</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Officer of Smith Barney</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Fund Management LLC</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(&#148;SBFM&#148;),
        and Citi Fund</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Management,
        Inc.</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(&#148;CFM&#148;); President and</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Chief Executive Officer</font></div>
<div align="left"><font size=1 face="Arial, Helvetica, sans-serif">of certain mutual funds</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">associated with CAM;</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Formerly, Chariman,</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">President and Chief</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Executive officer of</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Travelers Investment</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Adviser, Inc. (from 2002</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">to 2005); Portfolio</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Manager of Smith Barney</font></div>
      <div align="left"> <font size=1 face="Arial, Helvetica, sans-serif">Allocation
        Series Inc.</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(from 1996 to 2001) and</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Smith Barney Growth and</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Income Fund (from</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">1996 to 2000)</font></div></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="top" width="66">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">183</font></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div></td>
    <td align="center" width="14">&nbsp;</td>
    <td align="center" valign="top" width="76">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">None</font></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div></td>
  </tr>

  <tr>
    <td width="1"></td>
    <td width="136"></td>
    <td width="16"></td>
    <td width="60"></td>
    <td width="16"></td>
    <td align="center" width="64"></td>
    <td width="17"></td>
    <td width="120"></td>
    <td width="14"></td>
    <td align="center" width="66"></td>
    <td width="14"></td>
    <td align="center" width="76"></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td width="136"><b><font size=1 face="Arial, Helvetica, sans-serif">Officers:
      </font></b></td>
    <td width="16">&nbsp;</td>
    <td width="60">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="center" width="64">&nbsp;</td>
    <td width="17">&nbsp;</td>
    <td width="120">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="66">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="76">&nbsp;</td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="top" width="136">
<div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Andrew B. Shoup </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">125 Broad Street</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">11th Floor </font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">New York, NY 10004</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth Year: 1956</font></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div></td>
    <td width="16">&nbsp;</td>
    <td valign="top" width="60">
<div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Senior Vice</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">President</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif"> </font><font size=1 face="Arial, Helvetica, sans-serif">and Chief</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administrative</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Officer</font></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div>      <div align="left"></div></td>
    <td width="16">&nbsp;</td>
    <td align="center" valign="top" width="64">
<div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font></div>      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">2003</font></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div></td>
    <td width="17">&nbsp;</td>
    <td valign="top" width="120">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Director of CAM; Senior</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Vice President and Chief</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administrative Officer of</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">mutual funds associated</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">with CAM; Head of</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">International Funds</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administration of CAM</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">from (2001 to 2003);</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Director of Global Funds</font></div>      <div align="left"><font size=1
face="Arial, Helvetica, sans-serif">to Administration of CAM</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(from
        2000 to 2001);</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">of U.S. Citibank Funds</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administration of CAM</font></div>      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(from 1998 to 2000)</font></div></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="top" width="66">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div></td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="top" width="76">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div>      <div align="center"></div></td>
  </tr>

  <tr>
    <td width="1">&nbsp;</td>
    <td width="136">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="60">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="center" width="64">&nbsp;</td>
    <td width="17">&nbsp;</td>
    <td width="120">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="66">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td width="76">&nbsp;</td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
  <tr>
    <td align="right" valign=bottom >&nbsp;</td>
    <td align="right"  valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
    <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">43</font></td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="left" width="600" size="2">
<p style='page-break-before:always'><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Additional
  Information (unaudited) (continued)</font></p>
<table width="600" border="0" cellpadding="0" cellspacing="0" bgcolor="#ffffed">
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="bottom" width="136">
      <div align="left"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Name,
        Address<br>
        and Birth Year</font></div>
    </td>
    <td width="16"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td width="60" align="center" valign="bottom">
      <div align="center"><font color="#ffe607" size="1"></font></div>
      <div align="center"><font color="#ffe607" size="1"></font></div>
      <div align="center"><font color="#ffe607" size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Position(s)</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Held
        with</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Fund</font></div>
    </td>
    <td align="center" width="16"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="64">
      <div align="center"><font size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Term
        of</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Office*</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">and
        Length</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">of
        Time</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Served</font></div>
    </td>
    <td align="center" width="17"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td width="119" align="center" valign="bottom">
      <div align="center"><font size="1"></font></div>
      <div align="center"><font size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Principal</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Occupation(s)</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">During
        Past</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">5
        Years</font></div>
    </td>
    <td align="center" width="14"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="66">
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Number
        of</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Portfolios</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">in
        Fund</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Complex</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Overseen</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">by
        Director</font></div>
    </td>
    <td align="center" width="15"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="76">
      <div align="center"><font size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Other</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Board</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Memberships</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Held
        by</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Director</font></div>
    </td>
  </tr>
  <tr>
    <td height="3" style=' background:#FFE607;' width="1"> </td>
    <td height="3" style=' background:#FFE607;' width="136"></td>
    <td height="3" style=' background:#FFE607;' width="16"></td>
    <td height="3" style=' background:#FFE607;' width="60"></td>
    <td height="3" style=' background:#FFE607;' width="16"></td>
    <td height="3" style=' background:#FFE607;' width="64"></td>
    <td height="3" style=' background:#FFE607;' width="17"></td>
    <td height="3" style='background:#FFE607;' width="119"></td>
    <td height="3" style=' background:#FFE607;' width="14"></td>
    <td height="3" style=' background:#FFE607;' width="66"></td>
    <td height="3" style=' background:#FFE607;' width="15"></td>
    <td height="3" style=' background:#FFE607;' width="76"></td>
  </tr>
  <tr>
    <td valign="top" width="1">
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td valign="top" width="136">
      <div align="left"><FONT size=1 face="Arial, Helvetica, sans-serif">Robert
        J. Brault </FONT></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">125 Broad
        Street </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">11th
        Floor </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">New York,
        NY 10004</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth
        Year: 1965</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td valign="top" width="16">
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td valign="top" width="60">
      <div align="left"><FONT size=1 face="Arial, Helvetica, sans-serif">Chief</FONT></div>
      <div align="left"><FONT size=1 face="Arial, Helvetica, sans-serif">Financial</FONT></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Officer
        and</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Treasurer</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="16">&nbsp;</td>
    <td align="center" valign="top" width="64">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font></div>
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">2004</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="17">&nbsp;</td>
    <td valign="top" width="119">
      <div align="left"><FONT size=1 face="Arial, Helvetica, sans-serif">Director
        of CAM; Chief</FONT></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Financial
        Officer and</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Treasurer
        of certain</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">mutual
        funds associated</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">with
        CAM; Director of</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Internal
        Control for</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM U.S.
        Mutual Fund</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administration
        (from</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">2002
        to 2004); Director</font></div>
      <div align="left"> <font size=1 face="Arial, Helvetica, sans-serif">of Project
        Management</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">&amp;
        Information Systems</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">for CAM
        U.S. Mutual Fund</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administration
        (from</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">2000
        to 2002); Vice</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">President,
        of Mutual Fund</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Administration
        at</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Investors
        Capital Services</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(from
        1999 to 2000)</font></div>
    </td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="top" width="66">
      <div align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">N/A</FONT></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td align="center" width="15">
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td align="center" valign="top" width="76">
      <div align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">N/A</FONT></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="136" ></td>
    <td height="3" width="16" ></td>
    <td height="3" width="60"></td>
    <td height="3" width="16" ></td>
    <td height="3" width="64" ></td>
    <td height="3" width="17" ></td>
    <td height="3" width="119" ></td>
    <td height="3" width="14" ></td>
    <td height="3" width="66" ></td>
    <td height="3" width="15" ></td>
    <td height="3" width="76" ></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="top" width="136">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Joseph
        P. Deane </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">399 Park
        Avenue </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">4th Floor</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">New York,
        NY 10022 </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth
        Year: 1947 </font></div>
    </td>
    <td width="16">&nbsp;</td>
    <td valign="top" width="60">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Vice</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">President</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">and</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif"> </font><font size=1 face="Arial, Helvetica, sans-serif">Investment</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Officer</font></div>
      <div align="left"></div>
    </td>
    <td width="16">&nbsp;</td>
    <td align="center" valign="top" width="64">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font></div>
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">1998</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="17">&nbsp;</td>
    <td valign="top" width="119">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Managing
        Director of</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM;
        Investment Officer</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">of SBFM</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="top" width="66">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td align="center" width="15">&nbsp;</td>
    <td align="center" valign="top" width="76">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="136" ></td>
    <td height="3" width="16" ></td>
    <td height="3" width="60"></td>
    <td height="3" width="16" ></td>
    <td height="3" width="64" ></td>
    <td height="3" width="17" ></td>
    <td height="3" width="119" ></td>
    <td height="3" width="14" ></td>
    <td height="3" width="66" ></td>
    <td height="3" width="15" ></td>
    <td height="3" width="76" ></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="top" width="136">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">David
        T. Fare</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">399 Park
        Avenue</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">4th Floor</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">New York,
        NY 10022</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth
        Year: 1962</font></div>
    </td>
    <td width="16">&nbsp;</td>
    <td valign="top" width="60">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Vice</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">President</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">and</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Investment</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Officer</font></div>
      <div align="left"></div>
    </td>
    <td width="16">&nbsp;</td>
    <td align="center" valign="top" width="64">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font></div>
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">2004</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="17">&nbsp;</td>
    <td valign="top" width="119">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Director
        of CAM;</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Investment
        Officer</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">of SBFM</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="14">&nbsp;</td>
    <td align="center" valign="top" width="66">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td align="center" width="15">&nbsp;</td>
    <td align="center" valign="top" width="76">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
  </tr>
  <tr>
    <td height="3" width="1" > </td>
    <td height="3" width="136" ></td>
    <td height="3" width="16" ></td>
    <td height="3" width="60"></td>
    <td height="3" width="16" ></td>
    <td height="3" width="64" ></td>
    <td height="3" width="17" ></td>
    <td height="3" width="119" ></td>
    <td height="3" width="14" ></td>
    <td height="3" width="66" ></td>
    <td height="3" width="15" ></td>
    <td height="3" width="76" ></td>
  </tr>
  <tr>
    <td rowspan="2" width="1">&nbsp;</td>
    <td rowspan="2" valign="top" width="136"><font size=1 face="Arial, Helvetica, sans-serif">Ted
      P. Becker</font>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">399 Park
        Avenue</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">New York,
        NY 10022</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth
        Year: 1951 </font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td rowspan="2" width="16">&nbsp;</td>
    <td rowspan="2" valign="top" width="60">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Chief</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Compliance</font><font size=1 face="Arial, Helvetica, sans-serif">
        Officer</font></div>
    </td>
    <td rowspan="2" width="16">&nbsp;</td>
    <td rowspan="2" align="center" valign="top" width="64">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font></div>
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">2006</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td rowspan="2" width="17">&nbsp;</td>
    <td rowspan="2" valign="top" width="119">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Managing
        Director of</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Compliance
        at Legg</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Mason
        (since 2005) Chief</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Compliance
        Officer with</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">certain
        mutual funds</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">associated
        with CAM</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">(since
        2006); Managing</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Director
        of Compliance at</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM (2002-2005).
        Prior</font></div>
      <div align="left"><font
 size=1 face="Arial, Helvetica, sans-serif">to 2002, Managing</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Director-Internal
        Audit &amp;</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Risk
        Review at Citigroup</font></div>
    </td>
    <td width="14">&nbsp;</td>
    <td rowspan="2" align="center" valign="top" width="66">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td align="center" width="15">&nbsp;</td>
    <td rowspan="2" align="center" valign="top" width="76">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">N/A</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
  </tr>
  <tr>
    <td width="14">&nbsp;</td>
    <td align="center" width="15">&nbsp;</td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td width="136">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="60">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="center" width="64">&nbsp;</td>
    <td width="17">&nbsp;</td>
    <td width="119">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="66">&nbsp;</td>
    <td align="center" width="15">&nbsp;</td>
    <td align="center" width="76">&nbsp;</td>
  </tr>
</table>
<table border="0" cellspacing=0 cellpadding=0 width="600" style=' border-collapse:collapse;'>
  <tr>
    <td align="left" valign=bottom >&nbsp;</td>
    <td align="left"  valign=bottom >&nbsp;</td>
  </tr>
  <tr>
    <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">44</font></td>
    <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="left" width="600" size="2">
<p style='page-break-before:always'><font color="#FFE607" size=4 face="Arial, Helvetica, sans-serif">Additional
  Information (unaudited) (continued)</font></p>
<table width="600" border="0" cellpadding="0" cellspacing="0" bgcolor="#ffffed">
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="bottom" width="136">
      <div align="left"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Name,
        Address<br>
        and Birth Year</font></div>
    </td>
    <td width="16"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td width="57" align="center" valign="bottom">
      <div align="center"><font color="#ffe607" size="1"></font></div>
      <div align="center"><font color="#ffe607" size="1"></font></div>
      <div align="center"><font color="#ffe607" size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Position(s)</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Held
        with</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Fund</font></div>
    </td>
    <td align="center" width="19"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="64">
      <div align="center"><font size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Term
        of</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Office*</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">and
        Length</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">of
        Time</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Served</font></div>
    </td>
    <td align="center" width="17"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td width="118" align="center" valign="bottom">
      <div align="center"><font size="1"></font></div>
      <div align="center"><font size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Principal</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Occupation(s)</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">During
        Past</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">5
        Years</font></div>
    </td>
    <td align="center" width="13"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="68">
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Number
        of</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Portfolios</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">in
        Fund</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Complex</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Overseen</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">by
        Director</font></div>
    </td>
    <td align="center" width="13"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
    <td align="center" valign="bottom" width="78">
      <div align="center"><font size="1"></font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Other</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Board</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Memberships</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Held
        by</font></div>
      <div align="center"><font color="#ffe607" size=1 face="Arial, Helvetica, sans-serif">Director</font></div>
    </td>
  </tr>
   <tr>
    <td height="3" style=' background:#FFE607;' width="1"> </td>
    <td height="3" style=' background:#FFE607;' width="136"></td>
    <td height="3" style=' background:#FFE607;' width="16"></td>
    <td height="3" style=' background:#FFE607;' width="57"></td>
    <td height="3" style=' background:#FFE607;' width="19"></td>
    <td height="3" style=' background:#FFE607;' width="64"></td>
    <td height="3" style=' background:#FFE607;' width="17"></td>
    <td height="3" style='background:#FFE607;' width="118"></td>
    <td height="3" style=' background:#FFE607;' width="13"></td>
    <td height="3" style=' background:#FFE607;' width="68"></td>
    <td height="3" style=' background:#FFE607;' width="13"></td>
    <td height="3" style=' background:#FFE607;' width="78"></td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td valign="top" width="136">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Robert
        I. Frenkel </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">CAM</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">300 First
        Stamford Place</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">4th Floor</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Stamford,
        CT 06902 </font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Birth
        Year: 1954 </font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="16"><font size="1">&nbsp;</font></td>
    <td valign="top" width="57">
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Secretary</font><font size="1"></font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">and Chief</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Legal
        Officer</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="19"><font size="1">&nbsp;</font></td>
    <td align="center" valign="top" width="64">
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">Since</font><font size="1"></font></div>
      <div align="center"><font size=1 face="Arial, Helvetica, sans-serif">2003</font></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td width="17"><font size="1">&nbsp;</font></td>
    <td valign="top" width="118">
      <div align="left"><FONT size=1 face="Arial, Helvetica, sans-serif">Managing
        Director and</FONT><font size="1"></font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">General
        Counsel of</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Global
        Mutual Funds</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">for CAM
        and its</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">predecessor
        (since</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">1994); Secretary and</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">Chief
        Legal Officer of</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">mutual
        funds associated</font></div>
      <div align="left"><font size=1 face="Arial, Helvetica, sans-serif">with
        CAM</font></div>
    </td>
    <td width="13"><font size="1">&nbsp;</font></td>
    <td align="center" valign="top" width="68">
      <div align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">N/A</FONT><font size="1"></font></div>

      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
      <div align="left"></div>
    </td>
    <td align="center" width="13"><font size="1">&nbsp;</font></td>
    <td align="center" valign="top" width="78">
      <div align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">N/A</FONT><font size="1"></font></div>

      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
      <div align="center"></div>
    </td>
  </tr>
  <tr>
    <td width="1">&nbsp;</td>
    <td width="136">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="57">&nbsp;</td>
    <td width="19">&nbsp;</td>
    <td align="center" width="64">&nbsp;</td>
    <td width="17">&nbsp;</td>
    <td width="118">&nbsp;</td>
    <td width="13">&nbsp;</td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="13">&nbsp;</td>
    <td align="center" width="78">&nbsp;</td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><font size=1 face="Arial, Helvetica, sans-serif">*</font></td>
    <td valign="top"><font size=1 face="Arial, Helvetica, sans-serif">Each Director and Officer serves until his or her successor has been duly elected and qualified.</font></td>
  </tr>
  <tr>
    <td width="20" valign="top"><font size=1 face="Arial, Helvetica, sans-serif">**</font></td>
    <td valign="top"><font size=1 face="Arial, Helvetica, sans-serif">Mr. Gerken
      is a Director who is an &#147;interested person&#148; of the Fund as defined
      in the Investment Company Act of 1940, as amended, because Mr. Gerken is
      an officer of SBFM and certain of its affiliates.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<table width="600" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
  <tr>
    <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
    <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">45</font></td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="LEFT" width="600" size="2"><p style='page-break-before:always'></p><PAGE>



<div style='width:600;'>
<P><FONT color="#FFE607" size=4 face="sans-serif">Additio<a name="bk46"></a>nal Shareholder Information (unaudited)</FONT></P>
<P>
<B><FONT color="#FFE607" size=2 face="sans-serif">Results of a Special Meeting of Shareholders <br>
</FONT></B><FONT size=2 face="serif">On October 21, 2005, a Special Meeting of Shareholders was held to approve a new management agreement for Intermediate Muni Fund, Inc. The following table provides the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to this matter at the Special Meeting of Shareholders.</FONT></P>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr valign="middle">
      <td height="20" bgcolor="#FFFFED"><font color="#FFE607" face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;Item
        Voted On</font></td>
      <td width="105" height="20" align="center" bgcolor="#FFFFED"><font color="#FFE607" face="sans-serif" size="1">Votes
        For</font></td>
      <td width="105" height="20" align="center" bgcolor="#FFFFED"><font color="#FFE607" face="sans-serif" size="1">Votes
        Against</font></td>
      <td width="105" height="20" align="center" bgcolor="#FFFFED"><font color="#FFE607" face="sans-serif" size="1">Abstentions</font></td>
      <td width="105" height="20" align="center" bgcolor="#FFFFED"><font color="#FFE607" face="sans-serif" size="1">
        Broker Non-Votes</font></td>
    </tr>
    <tr>
      <TD height="3" colspan="5" bgcolor="#FFE607"></TD>
    </tr>
    <tr valign="middle">
      <td height="10" bgcolor="#FFFFED"><font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;New
        Management Agreement </font></td>
      <td width="105" height="10" align="center" bgcolor="#FFFFED"><font face="sans-serif" size="1">6,967,405</font></td>
      <td width="105" height="10" align="center" bgcolor="#FFFFED"><font face="sans-serif" size="1">302,380</font></td>
      <td width="105" height="10" align="center" bgcolor="#FFFFED"><font face="sans-serif" size="1">172,943</font></td>
      <td width="105" height="10" align="center" bgcolor="#FFFFED"><font face="sans-serif" size="1">0</font></td>
    </tr>
    <tr>
      <TD height="1" colspan="5" bgcolor="#FFE607"></TD>
    </tr>
  </table>
<P>&nbsp;</P>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">46</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>
<div style='width:600;'>
<P>
<FONT color="#FFE607" size=4 face="sans-serif">Ann<a name="bk47"></a>ual Chief Executive Officer and<br>
Chief Financial Officer Certifications (unaudited)</FONT></P>
<P>
<FONT size=2 face="serif">The Fund&#146;s CEO has submitted to the NYSE the required annual certification and the Fund also has included the certifications of the Fund&#146;s CEO and CFO required by Section 302 of the Sarbanes-Oxley Act in the Fund&#146;s Form N-CSR filed with the SEC, for the period of this report.</FONT></P>
<P>&nbsp;</P>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="right"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
      <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">47</font></td>
    </tr>
  </table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>
<div style='width:600;'>
<P>
<FONT color="#FFE607" size=4 face="sans-serif">Dividend R<a name="bk48"></a>einvestment Plan (unaudited)</FONT></P>
<P>
<FONT size=2 face="serif">Under the Fund&#146;s Dividend Reinvestment Plan (&#147;Plan&#148;), a shareholder whose shares of common stock are registered in his own name will have all distributions from the Fund reinvested automatically by PFPC Inc. (&#147;PFPC&#148;), as purchasing agent under the Plan, unless the shareholder elects to receive cash. Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in street name) will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker-dealer or nominee or the shareholder elects to receive distributions in cash. Investors who own common stock registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to shareholders who do not participate in the Plan will be paid by check mailed directly to the record holder by or under the direction of PFPC as dividend paying agent.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The number of shares of common stock distributed to participants in the Plan in lieu of a cash dividend is determined in the following manner. When the market price of the common stock is equal to or exceeds the net asset value (&#147;NAV&#148;) per share of the common stock on the determination date (generally, the record date for the distribution), Plan participants will be issued shares of common stock by the Fund at a price equal to the greater of NAV determined or 95% of the market price of the common stock.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the market price of the common stock is less than the NAV of the common stock at the time of valuation (which is the close of business on the determination date), PFPC will buy common stock in the open market, on the AMEX or elsewhere, for the participants&#146; accounts. If following the commencement of the purchases and before PFPC has completed its purchases, the market price exceeds the NAV of the common stock as of the valuation time, PFPC will attempt to terminate purchases in the open market and cause the Fund to issue the remaining portion of the dividend or distribution in shares at a price equal to the greater of (a) NAV as of the valuation time or (b) 95% of the then current market price. In this case, the number of shares received by a Plan participant will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the Fund issues the remaining shares. To the extent PFPC is unable
to stop open market purchases and cause the Fund to issue the remaining shares, the average per share purchase price paid by PFPC may exceed the NAV of the common stock as of the valuation time, resulting in the acquisition of fewer shares than if the distribution had been paid in common stock issued by the Fund at such NAV. PFPC will begin to purchase common stock on the open market as soon as practicable after the determination date for distributions, but in no event shall such purchases continue later than 30 days after the payment date for such distribution, or the record date for a succeeding distribution, except when necessary to comply with applicable provisions of the federal securities laws.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">PFPC maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in each account, including information needed by a shareholder for personal and tax records. The automatic reinvestment of distributions will not relieve plan participants of any income tax that may be payable on the distributions. Common stock in the account of each Plan participant will be held by PFPC in uncertificated form in the name of the Plan participant.</FONT>
</P>
<P>&nbsp;</P>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">48</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>




<div style='width:600;'>
  <P> <font color="#FFE607" size="4" face="Arial, Helvetica, sans-serif">Dividend
    Reinvestment Plan (unaudited) (continued)</font></P>
 <p style='  margin-top:-10pt;'> <font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Plan</FONT></font><FONT size=2 face="serif"><font face="Times New Roman, Times, serif">
    participants are subject to no charge for reinvesting distributions under
    the Plan. PFPC&#146;s fees for handling the reinvestment of distributions
    will be paid by the Fund. No brokerage charges apply with respect to shares
    of common stock issued directly by the Fund under the Plan. Each Plan participant
    will, however, bear a proportionate share of any brokerage commissions actually
    incurred with respect to any open market purchases made under the Plan.</font></FONT><font face="Times New Roman, Times, serif"><br>
    &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Experience under the Plan may indicate
    that changes to it are desirable. The Fund reserves the right to amend or
    terminate the Plan as applied to any distribution paid subsequent to written
    notice of the change sent to participants at least 30 days before the record
    date for the distribution. The Plan also may be amended or terminated by PFPC,
    with the Fund&#146;s prior written consent, on at least 30 days&#146; written
    notice to Plan participants. All correspondence concerning the Plan should
    be directed by mail to PFPC Inc., 4400 Computer Drive, Westborough, Massachusetts
    01581 or by telephone at (800) 331-1710.</FONT></font> </P>
  <P align="center"> <font size="2" face="Times New Roman, Times, serif">*</font><font face="Times New Roman, Times, serif">&nbsp;<FONT size=2>*
    *</FONT></font></P>
  <P> <font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The
    Fund files its complete schedule of portfolio holdings with the Securities
    and Exchange Commission for the first and third quarters of each fiscal year
    on Form N-Q. The Fund&#146;s Forms N-Q are available on the Commission&#146;s
    website at www.sec.gov. The Fund&#146;s Forms N-Q may be reviewed and copied
    at the Commission&#146;s Public Reference Room in Washington, D.C., and information
    on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
    To obtain information on Form N-Q from the Fund, shareholders can call 1-800-451-2010.</FONT><br>
    &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Information on how the Fund voted proxies
    relating to portfolio securities during the most recent 12-month period ended
    June 30 and a description of the policies and procedures that the Fund uses
    to determine how to vote proxies relating to portfolio securities is available
    (1) without charge, upon request, by calling 1-800-451-2010, (2) on the Fund&#146;s
    website at www.citigroupam.com and (3) on the SEC&#146;s website at www.sec.gov</FONT></font><FONT size=2 face="serif">.</FONT>
  </P>
<p>&nbsp; </p>
 <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
   <tr>
     <td align="right" valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc. <font face="Arial, Helvetica, sans-serif"> </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">.</font></td>
     <td width="40" align="right"  valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">49</font></td>
   </tr>
 </table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>
<div style='width:600;'>
  <P> <font color="#FFE607" size="3" face="Arial, Helvetica, sans-serif"><a name="bk50"></a></font><font color="#FFE607" size="4" face="Arial, Helvetica, sans-serif">Important
    Tax Information (unaudited)</font></P>
  <p style='  margin-top:-10pt;'> <font size="2" face="Times New Roman, Times, serif">All of the net investment
    income distributions paid monthly by the Fund to common shareholders from
    January 2005 through November 2005 qualify as tax-exempt interest dividends
    for federal income tax purposes. Additionally, 81.08% of the net investment
    income distribution paid to common shareholders of record on December 27,
    2005 qualifies as tax-exempt interest dividend for federal income tax purposes.<BR></font>
  </P>
  <p style='  margin-top:-10pt;'>  <font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Finally,
    the following tax information relates to the net investment income distribution
    paid to Municipal Auction Rate Cumulative Preferred shareholders of record
    on December 23, 2005:</FONT></font></P>
  <TABLE width="600" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Tax-exempt<br>
        Income<br>
        Per Share</font><font size="1" face="Arial, Helvetica, sans-serif"><br>
        </font></B></TD>
      <TD bgcolor="#FFFFED"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD align="center" bgcolor="#FFFFED"><B><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Taxable<br>
        Ordinary Income<br>
        Per Share</font></B></TD>
    </TR>
    <TR>
      <TD height="3" colspan="4" bgcolor="#FFE607"></TD>
    </TR>
    <TR>
      <TD width="50" bgcolor="#FFFFED">&nbsp;</TD>
      <TD align="center" bgcolor="#FFFFED"><FONT size=1 face="Arial, Helvetica, sans-serif"></FONT><FONT size=1 face="sans-serif">$12.30</FONT></TD>
      <TD width="50" align="center" bgcolor="#FFFFED"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width="250" align="center" bgcolor="#FFFFED"><FONT size=1 face="sans-serif">$7.84</FONT></TD>
    </TR>
    <TR>
      <TD height="2" colspan="4" bgcolor="#FFE607"></TD>
    </TR>
  </TABLE>
  <P> <font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>All
    other net investment income distributions paid to Municipal Auction Rate Cumulative
    Preferred shareholders qualify as tax-exempt interest dividends for federal
    income tax purposes.</FONT></font></P>  <p style='  margin-top:-10pt;'> <font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>Please
    retain this information for your records.</FONT></font>
  <p>&nbsp;</p>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="40" align="left" valign=bottom ><font size="1" face="Arial, Helvetica, sans-serif">50</font></td>
      <td align="left"  valign=bottom ><font color="#FFE607" size="1" face="Arial, Helvetica, sans-serif">Intermediate Muni Fund, Inc<font face="Arial, Helvetica, sans-serif">. </font></font><font size=1 face="Arial, Helvetica, sans-serif">2005 Annual Report</font></td>
    </tr>
  </table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>
</div>
<div style='width:600;'>
<P>&nbsp;</P>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td align="center" valign=bottom ><font size="2" face="Arial, Helvetica, sans-serif">(This
        page intentionally left blank.)</font></td>
    </tr>
  </table>
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</div>







<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size=2 face="Arial, Helvetica, sans-serif">(This page intentionally left blank.)</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br><HR noshade align="LEFT" width="600" size="2"><p style='page-break-before:always'></p><PAGE>
<table width="600" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align="left"><font color="#ffe607" size="3" face="Arial, Helvetica, sans-serif">Intermediate
      Muni Fund, Inc.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#FFFACD">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">DIRECTORS</font></b></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">OFFICERS
      (CONTINUED)</font></b></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Lee
      Abraham</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Robert
      I. Frenkel</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Jane
      F. Dasher</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Secretary
      and</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Donald
      R. Foley</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Chief
      Legal Officer</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">R.
      Jay Gerken, CFA</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;<i>Chairman</i></font></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">INVESTMENT
      MANAGER</font></b></td>
  </tr>
  <tr>
    <td width="172" height="3" bgcolor="#FFFACD"></td>
    <td width="19" bgcolor="#ffffed"></td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Richard
      E. Hanson, Jr.</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Smith
      Barney Fund</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Paul
      Hardin</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Management
      LLC</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Roderick
      C. Rasmussen</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">John
      P. Toolan</font></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">CUSTODIAN</font></b></td>
  </tr>
  <tr>
    <td width="172" height="3" bgcolor="#FFFACD"></td>
    <td width="19" bgcolor="#ffffed"></td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">State
      Street Bank and Trust</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">OFFICERS</font></b></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Company</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">R.
      Jay Gerken, CFA</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">President
      and Chief</font></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">SHAREHOLDER</font></b></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Executive
      Officer</font></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">SERVICING
      AGENT</font></b></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">PFPC
      Inc.</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Andrew
      B. Shoup</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">4400
      Computer Drive</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" valign="middle" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Senior
      Vice President and</font></td>
    <td width="219" nowrap bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Westborough,
      Massachusetts 01581</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Chief
      Administrative Officer</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">INDEPENDENT</font></b></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Robert
      J. Brault</font></td>
    <td width="219" bgcolor="#ffffed"><b><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif">REGISTERED
      PUBLIC</font></b></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Chief
      Financial Officer</font></td>
    <td width="219" bgcolor="#ffffed"><font color="#ffe607" size="2" face="Arial, Helvetica, sans-serif"><b>ACCOUNTING
      FIRM</b></font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">and
      Treasurer</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">KPMG
      LLP</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Joseph
      P. Deane</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">345
      Park Avenue</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Vice
      President</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">New
      York, New York 10154</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">and
      Investment Officer</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" height="3" bgcolor="#FFFACD"></td>
    <td width="19" bgcolor="#ffffed"></td>
    <td width="190" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">David
      T. Fare</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Vice
      President</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">and
      Investment Officer</font></td>
    <td width="219" bgcolor="#ffffed"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td bgcolor="#FFFACD">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Ted
      P. Becker</font></td>
    <td width="219" bgcolor="#ffffed">&nbsp;</td>
  </tr>
  <tr>
    <td width="172" bgcolor="#FFFACD">&nbsp;</td>
    <td width="19" bgcolor="#ffffed">&nbsp;</td>
    <td width="190" bgcolor="#ffffed"><font size="2" face="Arial, Helvetica, sans-serif">Chief
      Compliance Officer</font></td>
    <td width="219" bgcolor="#ffffed">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#FFFACD">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#FFFACD">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
    <td bgcolor="#ffffed">&nbsp;</td>
  </tr>
</table>
<br>
<p style='margin-bottom:0pt;text-align:center'><font size="2"></font></p>
<br>



<!-- MARKER PAGE="sheet: 12; page: 12" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>





<div STYLE='position:relative;left:0;top:0;height:700.78px;width:427.5'>
  <p style='position:absolute;top:0px;left:0px;'><img src="bacimg001.jpg" width="600" height="672"></p>

  <p style='position:absolute;top:352px;left:20px;height:67.375px;width:193.75px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:8px;color:#FFFFFF;'><b>This report
    is intended only for the <br>
    shareholders of Intermediate Muni <br>Fund, Inc. It is not a Prospectus, <br>circular or representation intended <br>for use in the purchase or sale of
<br>shares of the Fund or of any <br>securities mentioned in the report.</b></font></p>

  <p style='position:absolute;top:351px;left:247px;height:19.25px;width:267.25px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:16px;color:#FFFFFF;'><b>Intermediate
    Muni Fund, Inc.</b></font></p>

  <p style='position:absolute;top:383px;left:246px;height:53.75px;width:263.75px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:9px;color:#FFFFFF;'><b>INTERMEDIATE
    MUNI FUND, INC.<br>
    Smith Barney Mutual Funds<br>125 Broad Street<br>10th Floor, MF-2<br>New York, New York 10004</b></font></p>

  <p style='position:absolute;top:486px;left:20px;height:12px;width:156.375px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:10px;color:#FFFFFF;'><b>www.citigroupam.com</b></font></p>

  <p style='position:absolute;top:457px;left:246px;height:86.625px;width:303.5px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:8px;color:#FFFFFF;'><b>The Fund files
    its complete schedule of portfolio holdings with the <br>
    Securities and Exchange Commission for the first and third <br>quarters of each fiscal year on Form N-Q. The Fund&#146;s
Forms N-Q <br>are available on the Commission&#146;s website at www.sec.gov. The <br>Fund&#146;s Forms N-Q may be reviewed and copied at the <br>Commission&#146;s Public Reference Room in Washington, D.C., and <br>information on the operation of the Public
Reference Room may <br>be obtained by calling 1-800-SEC-0330. To obtain information on <br>Form N-Q from the Fund, shareholders can call 1-800-451-2010.</b></font></p>

  <p style='position:absolute;top:556px;left:246px;height:77px;width:303.5px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:8px;color:#FFFFFF;'><b>Information
    on how the Fund voted proxies relating to portfolio <br>
    securities during the most recent 12-month period ended June 30 <br>
    and a description of the policies and procedures that the
Fund <br>uses to determine how to vote proxies relating to portfolio <br>securities is available (1) without charge, upon request, by calling <br>1-800-451-2010, (2) on the Fund&#146;s website at <br>www.citigroupam.com and (3) on the SEC&#146;s website
at <br>www.sec.gov.</b></font></p>

  <p style='position:absolute;top:557px;left:20px;height:9.625px;width:171.25px; text-align:left;padding: 0in 0in 0in 0in;'>
    <font style='font-family:Arial;font-size:8px;color:#FFFFFF;'><b>FD1067 2/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06-9618</b></font></p>
</div>
<br>






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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 2.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CODE OF ETHICS.</FONT></TD>
</TR>
</TABLE>
<BR>



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

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



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


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



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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">a)
<U>Audit Fees</U>. The aggregate fees billed in the last two fiscal years ending December
31, 2004 and December 31, 2005 (the &#147;Reporting Periods&#148;) for professional services
rendered by the Registrant&#146;s principal accountant (the &#147;Auditor&#148;) for the audit of
the Registrant&#146;s annual financial statements, or services that are normally provided
by the Auditor in connection with the statutory and regulatory filings or
engagements for the Reporting Periods, were $17,000 in 2004 and $17,500 in 2005. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">b) <U>Audit-Related Fees</U>. The aggregate
fees billed in the Reporting Periods for assurance and related services by the
Auditor that are reasonably related to the performance of the audit of the Registrant&#146;s
financial statements and are not reported under paragraph (a) of this Item 4 were $0
in 2004 and $10,000 in 2005. These services were rendered in connection with
the review of the Agreed Upon Procedures for the calculations pursuant to the Fund&#146;s
Articles Supplementary Creating and Fixing the Rights of Municipal Auction Rate
Cumulative Preferred Stock. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, there were no
Audit-Related Fees billed in the Reporting      Period for assurance and related services
by the Auditor to the      Registrant&#146;s investment adviser (not including any
sub-adviser whose role      is primarily portfolio management and is subcontracted with
or overseen by      another investment adviser), and any entity controlling, controlled
by or      under common control with the investment adviser that provides ongoing
     services to the Intermediate Muni Fund, Inc. (&#147;service affiliates&#148;), that
     were reasonably related to the performance of the annual audit of the      service
affiliates. Accordingly, there were no such fees that required      pre-approval by the
Audit Committee for the Reporting Periods (prior to May      6, 2003 services provided by
the Auditor were not required to be      pre-approved). </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c) <U>Tax Fees</U>. The aggregate fees
billed in the Reporting Periods for professional services rendered by the Auditor
for tax compliance, tax advice and tax planning (&#147;Tax Services&#148;) were
$2,300 in 2004 and $2,300 in 2005. These services consisted of (i) review or
preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal,
state and local tax planning, advice and assistance regarding statutory, regulatory
or administrative developments, and (iii) tax advice regarding tax
qualification matters and/or treatment of various financial instruments held or
proposed to be acquired or held. There were no fees billed for tax services by the
Auditors to service affiliates during the Reporting Periods that required
pre-approval by the Audit Committee. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">d) <U>All Other Fees</U>. There were no
other fees billed in the Reporting Periods for products and services provided by the
Auditor, other than the services reported in paragraphs (a) through (c) of this Item
for the Intermediate Muni Fund, Inc. </FONT> </P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All Other Fees. There were no other
non-audit services rendered by the      Auditor to Smith Barney Fund Management LLC (&#147;SBFM&#148;),
and any entity      controlling, controlled by or under common control with SBFM that
provided      ongoing services to Intermediate Muni Fund, Inc. requiring pre-approval by
     the Audit Committee in the Reporting Period. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) Audit Committee&#146;s
pre-approval policies and procedures described in      paragraph (c) (7) of Rule 2-01 of
Regulation S-X. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) The Charter for the Audit
Committee (the &#147;Committee&#148;) of the Board of      each registered investment
company (the &#147;Fund&#148;) advised by Smith Barney      Fund Management LLC or
Salomon Brothers Asset Management Inc. or one of      their affiliates (each, an &#147;Adviser&#148;)
requires that the Committee shall      approve (a) all audit and permissible non-audit
services to be provided to      the Fund and (b) all permissible non-audit services to be
provided by the      Fund&#146;s independent auditors to the Adviser and any Covered
Service      Providers if the engagement relates directly to the operations and
     financial reporting of the Fund. The Committee may implement policies and
     procedures by which such services are approved other than by the full      Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee shall not approve
non-audit services that the Committee      believes may impair the independence of the
auditors. As of the date of the      approval of this Audit Committee Charter,
permissible non-audit services      include any professional services (including tax
services), that are not      prohibited services as described below, provided to the Fund
by the      independent auditors, other than those provided to the Fund in connection
     with an audit or a review of the financial statements of the Fund.      Permissible
non-audit services may not include: (i) bookkeeping or other      services related to the
accounting records or financial statements of the      Fund; (ii) financial information
systems design and implementation; (iii)      appraisal or valuation services, fairness
opinions or contribution-in-kind      reports; (iv) actuarial services; (v) internal
audit outsourcing services;      (vi) management functions or human resources; (vii)
broker or dealer,      investment adviser or investment banking services; (viii) legal
services      and expert services unrelated to the audit; and (ix) any other service the
     Public Company Accounting Oversight Board determines, by regulation, is
     impermissible. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-approval by the Committee of any
permissible non-audit services is not      required so long as: (i) the aggregate amount
of all such permissible      non-audit services provided to the Fund, the Adviser and any
service      providers controlling, controlled by or under common control with the
     Adviser that provide ongoing services to the Fund (&#147;Covered Service
     Providers&#148;) constitutes not more than 5% of the total amount of revenues
     paid to the independent auditors during the fiscal year in which the
     permissible non-audit services are provided to (a) the Fund, (b) the      Adviser
and (c) any entity controlling, controlled by or under common      control with the
Adviser that provides ongoing services to the Fund during      the fiscal year in which
the services are provided that would have to be      approved by the Committee; (ii) the
permissible non-audit services were not      recognized by the Fund at the time of the
engagement to be non-audit      services; and (iii) such services are promptly brought to
the attention of      the Committee and approved by the Committee (or its delegate(s))
prior to      the completion of the audit. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) For the Intermediate Muni Fund,
Inc., the percentage of fees that were      approved by the audit committee, with respect
to: Audit-Related Fees were      100% and 100% for 2004 and 2005; Tax Fees were 100% and
100% for 2004 and      2005; and Other Fees were 100% and 100% for 2004 and 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) N/A </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) Non-audit fees billed by the
Auditor for services rendered to      Intermediate Muni Fund, Inc. and CAM and any entity
controlling, controlled      by, or under common control with CAM that provides ongoing
services to      Intermediate Muni Fund, Inc. during the reporting period were $0 in 2005
     for fees related to the transfer agent matter as fully described in the      notes
the financial statements titled &#147;additional information&#148; and $75,000      for
2004. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) Yes. The Intermediate Muni Fund,
Inc.` Audit Committee has considered      whether the provision of non-audit services
that were rendered to Service      Affiliates which were not pre-approved (not requiring
pre-approval) is      compatible with maintaining the Accountant&#146;s independence. All
services      provided by the Auditor to the Intermediate Muni Fund, Inc. or to Service
     Affiliates, which were required to be pre-approved, were pre-approved as
     required. </FONT></P>







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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 5.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) Registrant has a
separately-designated standing Audit                   Committee established in
accordance with Section 3(a)58(A) of                   the Exchange Act. The Audit
Committee consists of the                   following Board members: <BR><BR>

                  Jane F. Dasher<BR>
                  John Toolan<BR>
                  Lee Abraham<BR><BR>

                  b) Not applicable</FONT></P>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 6.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE OF INVESTMENTS.</FONT></TD>
</TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Included herein under Item 1. </FONT></P>


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



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

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

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




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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAM maintains a Proxy Voting
Committee, of which the Manager                   personnel are members, to review and
address conflicts of                   interest brought to its attention by compliance
personnel. A                   proxy issue that will be voted in accordance with a stated
                  position on an issue or in accordance with the recommendation
                  of an independent third party is not brought to the attention
                  of the Proxy Voting Committee for a conflict of interest
                  review because the Manager&#146;s position is that to the extent a
                  conflict of interest issue exists, it is resolved by voting in
                  accordance with a pre-determined policy or in accordance with
                  the recommendation of an independent third party. With respect
                  to a conflict of interest brought to its attention, the Proxy
                  Voting Committee first determines whether such conflict of
                  interest is material. A conflict of interest is considered
                  material to the extent that it is determined that such
                  conflict is likely to influence, or appear to influence, the
                  Manager&#146;s decision-making in voting proxies. If it is
                  determined by the Proxy Voting Committee that a conflict of
                  interest is not material, the Manager may vote proxies
                  notwithstanding the existence of the conflict. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If it is determined by the Proxy
Voting Committee that a                   conflict of interest is material, the Proxy
Voting Committee                   is responsible for determining an appropriate method
to                   resolve such conflict of interest before the proxy affected by
                  the conflict of interest is voted. Such determination is based
                  on the particular facts and circumstances, including the
                  importance of the proxy issue and the nature of the conflict
                  of interest. Methods of resolving a material conflict of
                  interest may include, but are not limited to, disclosing the
                  conflict to clients and obtaining their consent before voting,
                  or suggesting to clients that they engage another party to
                  vote the proxy on their behalf. </FONT></P>







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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 8.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></TD>
</TR>
</TABLE>
<BR>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(a)(1)</B> </FONT> </P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="25%" ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;NAME, ADDRESS, <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND AGE</FONT><HR WIDTH=75% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">POSITION(S) HELD <BR>WITH
FUND</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="30%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">LENGTH OF<BR>
TIME SERVED</FONT><HR WIDTH=65% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="30%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PRINCIPAL OCCUPATION(S) <BR>
DURING PAST 5 YEARS</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph Deane<BR>
CAM<BR>
399 Park Avenue<BR>
New York, NY 10022<BR>
Birth Year: 1947<BR><BR></FONT></TD>
     <TD ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Investment Officer</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Since<BR>
2006</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Managing Director of CAM;<BR>
Investment Officer of SBFM</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">David T. Fare<BR>
CAM<BR>
399 Park Avenue<BR>
New York, NY 10022<BR>
Birth Year: 1962</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Investment Officer</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Since<BR>
2006</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Managing Director of CAM;<BR>
Investment Officer of SBFM</FONT></TD></TR>
</TABLE>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(a)(2):</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following tables set forth
certain additional information with respect to the fund&#146;s portfolio managers for the
fund. Unless noted otherwise, all information is provided as of October 31, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Accounts Managed by Portfolio
Managers </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The table below identifies the
number of accounts (other than the fund) for which the fund&#146;s portfolio managers
have day-to-day management responsibilities and the total assets in such accounts, within
each of the following categories: registered investment companies, other pooled
investment vehicles, and other accounts. For each category, the number of accounts and
total assets in the accounts where fees are based on performance is also indicated. </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="20%" ALIGN="center" VALIGN="bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Portfolio<BR>
Manager(s)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="6%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="center" VALIGN="bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registered<BR>
Investment<BR>
Companies</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="7%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="center" VALIGN="bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other Pooled<BR>
Investment<BR>
Vehicles</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="7%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="center" VALIGN="bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other<BR>
Accounts</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph Deane</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15 registered investment<BR>
companies with $18.7 <BR>
billion in total assets<BR>
under management<BR><BR></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1 Other pooled<BR>
investment vehicles<BR>
with $0.1 billion in assets<BR>
under management</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50 Other accounts<BR>
with $0.7 billion in total<BR>
assets under<BR>
management</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">David Fare</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10 registered investment<BR>
companies with $5.5<BR>
billion in total assets<BR>
under management</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1 Other pooled<BR>
   investment vehicles<BR>
      with $0.1 billion in assets<BR>under management

</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50 Other accounts <BR>
with $0.7 billion in total <BR>
     assets under <BR>management<BR>


</FONT></TD></TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(a)(3):</B> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western
Asset&#146;s compensation system assigns each employee a total compensation &#147;target&#148; and
a respective cap, which are derived from annual market surveys that benchmark each role
with their job function and peer universe. This method is designed to reward employees
with total compensation reflective of the external market value of their skills,
experience, and ability to produce desired results. Standard compensation includes
competitive base salaries, generous employee benefits, and a retirement plan. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Potential Conflicts of Interest</I> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential
conflicts of interest may arise when the Fund&#146;s portfolio manager of each fund has
day-to-day management responsibilities with respect to one or more other funds of other
accounts, as is the case for the portfolio listed above. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
manager and the funds have adopted compliance policies and procedures that are designed
to address various conflicts of interest that may arise for the manager and the
individuals that it employs. For example, the manager seeks to minimize the effects of
competing interests for the time and attention of portfolio manages by assigning
portfolio managers to manage funds and accounts that share a similar investment style.
The manager has also adopted trade allocation procedures that are designed to facilitate
the fair allocation of limited investment opportunities amount multiple funds and
accounts. There is no guarantee, however, that the policies and procedures adopted by the
manager and the Funds will be able to detect and/or prevent every situation in which an
actual or potential conflict may appear. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>These potential conflicts include:</I> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation
of Limited Time and Attention. </I>A portfolio manager who is responsible for managing
multiple funds and/or accounts may devote unequal time and attention to the management of
those funds and/or accounts. As a result, the portfolio manager may not be able to
formulate as complete a strategy or identify equally attractive investment opportunities
for each of those accounts as might be the case if he or she were to devote substantially
more attention to the management of a single fund. The effects of this potential conflict
may be more pronounced where funds and/or accounts overseen by a particular portfolio
manager have different investment strategies. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation
of Limited Investment Opportunities. </I>If a portfolio manager identifies a limited
investment opportunity that may be suitable for multiple funds and/or accounts, the
opportunity may be allocated among these several funds or accounts, which may limit a fund&#146;s
ability to take full advantage of the investment opportunity. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pursuit
of Differing Strategies. </I>At times, a portfolio manager may determine that an investment
opportunity may be appropriate for only some of the funds and/or accounts for which he or
she exercises investment responsibility, or may decide that certain of he funds and/or
accounts should take differing positions with respect to a particular security. In these
cases, the portfolio manager may place separate transactions for one or more funds or
accounts which may affect the market price of the security or the execution of the
transaction, or both, to the detriment or benefit of one or more other funds and/or
accounts. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Selection
of Brokers/Dealers. </I>Portfolio managers may be able to select or influence the selection
of the brokers and dealers that are used to execute securities transactions for the funds
and/or account that they supervise. In addition to executing trades, some brokers and
dealers provide portfolio managers with brokerage and research services (as those terms
are defined in Section 28(c) of the Securities Exchange Act of 1934, as amended (the
&#147;1934 Act&#148;), which may result in the payment of higher brokerage fees than
might have otherwise be available. These services may be more beneficial to certain funds
or accounts than to others. Although the payment of brokerage commissions is subject to
the requirement that the portfolio manager determine in good faith that the commissions
are reasonable in relation to the value of the brokerage and research services provided to
the fund, a portfolio manager&#146;s decision as to the selection of brokers and dealers
could yield disproportionate costs and benefits among the funds and/or accounts that he
or she manages. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Variation
in Compensation. </I>A conflict of interest may arise where the financial or other benefits
available to the portfolio manager differ among the funds and/or accounts that he or she
manages. if the structure of the manager&#146;s management fee and/or the portfolio
manager&#146;s compensation differs among funds and/or accounts (such as where certain
funds or accounts pay higher management fees or performance-based management fees), the
portfolio manager might be motivated to help certain funds and/or accounts over others.
The portfolio manager might be motivated to favor funds and/or accounts in which he or
she has an interest or in which the investment advisor and/or its affiliates have
interests. Similarly, the desire to maintain or raise assets under management or to
enhance the portfolio manager&#146;s performance record or to derive other rewards,
financial or otherwise, could influence the portfolio manager to lend preferential
treatment to those funds and/or accounts that could most significantly benefit the
portfolio manager. </FONT> </P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Related
Business Opportunities. </I>The manager or its affiliates may provide more services (such as
distribution or record-keeping) for some types of funds or accounts than for others. In
such cases, a portfolio manager may benefit, either directly or indirectly, by devoting
disproportionate attention to the management of fund and/or account that provide greater
overall returns to the manager and its affiliates. </FONT> </P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(a)(4):</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Portfolio Manager Securities
Ownership</I> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below identifies ownership of fund securities by the portfolio managers. </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<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></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Portfolio Manager(s)</B></FONT><HR WIDTH=30% SIZE=1 COLOR=BLACK NOSHADE> </TD>
     <TD ALIGN="CENTER" WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dollar Range of<BR>Ownership of Securities</B></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE> </TD></TR>
<TR VALIGN=BOTTOM>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Joseph Deane</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>none</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Fare</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>none</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>ITEM 9.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable.  </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>ITEM 10.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable.  </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>ITEM 11.</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 half-year (the registrant&#146;s                            second fiscal
half-year in the case of an annual                            report) that have
materially affected, or are likely                            to materially affect the
registrant&#146;s internal                            control over financial reporting. </FONT></TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 12. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBITS.</FONT></TD>
</TR>
</TABLE>
<BR>

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<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>Code
of Ethics attached hereto. </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>
Exhibit
99.CODE ETH </FONT></TD>
</TR>
</TABLE>
<BR>

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<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>Attached
hereto. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.CERT</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002<BR><BR></FONT></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>Exhibit 99.906CERT</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
</TABLE>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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


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


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/
<B>R. Jay Gerken </B><BR><B>(R. Jay Gerken) </B><BR>Chief Executive Officer of <BR><B>Intermediate Muni Fund, Inc.</B> </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>Date:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March
10, 2006</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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. </FONT>
</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>By:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/
<B>R. Jay Gerken </B><BR><B>(R. Jay Gerken) </B><BR>Chief Executive Officer of <BR><B>Intermediate Muni Fund, Inc.</B> </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>Date:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March
10, 2006</FONT></TD>
</TR>
</TABLE>
<BR>




<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/
<B>Robert J. Brault </B><BR><B>(Robert J. Brault) </B><BR>Chief Financial Officer of<BR><B>Intermediate Muni Fund, Inc.</B> </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>Date:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March
10, 2006</FONT></TD>
</TR>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>9
<FILENAME>ex99code.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>





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

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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"><B>I.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Covered
Officers/Purpose of the Code</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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



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


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


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<TABLE WIDTH=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>      &#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>compliance
with applicable laws and governmental rules and             regulations;</FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=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>      &#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accountability
for adherence to the Code.</FONT></TD>
</TR>
</TABLE>
<BR>

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




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Administration
of Code</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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





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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>III.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Covered
Officers Should Ethically Handle Actual and Apparent Conflicts of Interest</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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




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



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




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



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></H1>







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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Each
Covered Officer must: </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>      &#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">not
use his personal influence or personal relationships improperly to influence
investment decisions or financial reporting (e.g. through fraudulent
accounting practices) by the Company whereby the Covered Officer<SUP>(1) </SUP>would
benefit personally to the detriment of the Company; or </FONT></TD>
</TR>
</TABLE>
<BR>

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

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

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


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<TABLE WIDTH=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=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
service as a director on the board of any public or             private company; </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=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=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
any ownership interest in, or any consulting or employment             relationship with,
any of the Company&#146;s service providers, other             than its investment
adviser, </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<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=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
a direct or indirect financial interest in commissions,             transaction charges
or spreads paid by the Company for effecting             portfolio transactions or for
selling or redeeming shares other than             an interest arising from the Covered
Officer&#146;s employment, such as             compensation or equity ownership; and </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=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=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
the receipt of any gifts or the conveyance of any value             (including
entertainment ) from any company with which the Company             has current or
prospective business dealings, except: </FONT>
</TD>
</TR>
</TABLE>
<BR>


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



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
customary and reasonable meals and entertainment at                   which the giver is
present, such as the occasional business                   meal or sporting event. </FONT>
</TD>
</TR>
</TABLE>
<BR>



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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
activity or relationship that would present a conflict for a Covered     Officer would
also present a conflict for the Covered Officer if a member of     a Covered Officer&#146;s
family (spouse, minor children and any account over     which a Covered Officer is deemed
to have beneficial interest) engages in     such an activity or has such a relationship. </FONT></TD>
</TR>
</TABLE>
<BR>









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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>IV.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Disclosure
and Compliance</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each Covered Officer: </FONT></P>

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


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

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


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




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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>V.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Reporting
and Accountability</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Each
Covered Officer must: </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>     &#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>upon
adoption of the Code (or thereafter as applicable, upon             becoming a Covered
Officer), affirm in writing to the Board that the             Covered Officer has
received, read, and understands the Code;</FONT></TD>
</TR>
</TABLE>
<BR>

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


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

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

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



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


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



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







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

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


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



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






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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VI.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Waivers<SUP>(2)</SUP></B> </FONT> </TD>
</TR>
</TABLE>
<BR>


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



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





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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VII.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other
Policies and Procedures</B> </FONT></TD>
</TR>
</TABLE>
<BR>



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





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
purposes of this Code, Item 2 of Form N-CSR defines &#147;waiver&#148; as &#147;the
    approval by a Company of a material departure from a provision of the Code&#148;    and
includes an &#147;implicit waiver,&#148; which means a Company&#146;s failure to take
    action within a reasonable period of time regarding a material departure     from a
provision of the Code that has been made known to an executive     officer of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>





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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VIII.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Amendments</B> </FONT></TD>
</TR>
</TABLE>
<BR>



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







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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>IX.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Confidentiality</B> </FONT></TD>
</TR>
</TABLE>
<BR>



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







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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>X.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Internal
Use</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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
























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<TYPE>EX-99.CERT
<SEQUENCE>10
<FILENAME>ex99302.htm
<DESCRIPTION>CERTIFICATION
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<A NAME=A001></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS PURSUANT
TO SECTION 302<BR>EX-99.CERT </FONT></P>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS </FONT></H1>

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

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

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

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

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

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

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

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

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

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

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

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



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<TR VALIGN="TOP">
     <TD WIDTH="50%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Date: <U>March 10, 2006&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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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Robert J. Brault, certify that: </FONT></P>

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

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

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

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

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

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

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officers and I have disclosed to the
          registrant&#146;s auditors and the audit committee of the registrant&#146;s
          board of directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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

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


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<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>March 10, 2006&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/ 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>
</TABLE>



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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>11
<FILENAME>ex99906.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<A NAME=A003></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATIONS PURSUANT
TO SECTION 906<BR>EX-99.906CERT </FONT></P>

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<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>R.
          Jay Gerken, </B>Chief Executive Officer, and <B>Robert J. Brault,</B> Chief
          Financial Officer of Intermediate Muni Fund, Inc. (the &#147;Registrant&#148;),
          each certify to the best of his knowledge that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
          The Registrant&#146;s periodic report on Form N-CSR for the period ended
          December 31, 2005 (the &#147;Form N-CSR&#148;) fully complies with the
          requirements of section 15(d) of the Securities Exchange Act of 1934, as
          amended; and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
          The information contained in the Form N-CSR fairly presents, in all material
          respects, the financial condition and results of operations of the Registrant. </FONT></P>

<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 ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chief Executive Officer<BR>
Intermediate Muni Fund, Inc.<BR>
<BR>
<BR>
<U>/s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
R. Jay Gerken<BR>
<BR>
<BR>
Date: March 10, 2006 </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chief Financial Officer<BR>
Intermediate Muni Fund, Inc.<BR>
<BR>
<BR>
<U>/s/ Robert J. Brault&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Robert J. Brault<BR>
<BR>
<BR>
Date: March 10, 2006 </FONT></TD></TR>
</TABLE>


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


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