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<SEC-DOCUMENT>0001133228-06-000302.txt : 20060530
<SEC-HEADER>0001133228-06-000302.hdr.sgml : 20060529
<ACCEPTANCE-DATETIME>20060530124056
ACCESSION NUMBER:		0001133228-06-000302
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060530
DATE AS OF CHANGE:		20060530
EFFECTIVENESS DATE:		20060530

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06506
		FILM NUMBER:		06872904

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INTERMEDIATE QUALITY MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>sb146998.htm
<DESCRIPTION>SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><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-Q<BR><BR>


             QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<BR>
                          MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Investment Company Act file number
<B>811-6506</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Intermediate Muni Fund,
Inc.</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(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<BR>
Stamford, CT 06902<BR>
(Name and address of agent for service)<BR><BR>

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

Date of fiscal year end: <B>December 31</B><BR>
Date of reporting period: <B>March 31, 2006</B> </FONT> </P>





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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<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">
SCHEDULE OF INVESTMENTS <BR><BR><BR><BR><BR></FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>INTERMEDIATE MUNI
FUND, INC. </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM N-Q<BR>
                                                    MARCH 31, 2006 </FONT></P>








<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>MUNICIPAL BONDS &#151; 95.3%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Alabama &#151; 3.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT SIZE="1">$ </FONT></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">3,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Alabama State Public School &amp; College Authority,
FSA-Insured, 5.125% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="left" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="left" WIDTH="6%" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">11/1/15 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="4%"><FONT FACE="serif" SIZE="1">$ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="9%"><FONT FACE="serif" SIZE="1">3,137,280 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,225,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Baldwin County, AL, Board of Education, Capital Outlay School
Warrants, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">AMBAC-Insured, 5.000% due 6/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,284,253 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">259,127 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Birmingham, AL, Medical Clinic Board Revenue, Baptist Medical
Center, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">8.300% due 7/1/08 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">273,130 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Saraland, AL, GO,
MBIA-Insured, 5.250% due 1/1/15 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,063,930 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="67%"><FONT FACE="serif" SIZE="1"><B>Total
Alabama</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>5,758,593</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Alaska &#151; 1.6%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Alaska Industrial Development &amp; Export Authority Revenue,
Williams Lynxs </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Alaska Cargo Port LLC, 8.000% due 5/1/23 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">995,310 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Anchorage, AK, GO,
Refunding, FGIC-Insured, 6.000% due 10/1/14 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">569,065 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,250,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">North Slope Boro, AK,
Refunding, Series A, MBIA-Insured, 5.000% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6/30/15 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,335,700 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="67%"><FONT FACE="serif" SIZE="1"><B>Total
Alaska</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>2,900,075</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Arizona &#151; 0.4%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Maricopa County, AZ,
Hospital Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">75,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Samaritan Health Service, 7.625% due 1/1/08 (b) </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">77,643 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">569,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">St. Lukes Medical Center, 8.750% due 2/1/10
(a)(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">630,845 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">70,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Pima County, AZ, IDA, Single-Family Housing Authority
Revenue, Series A, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">GNMA/FNMA-Insured, FHLMC-Collateralized,
7.100% due 11/1/29 (c)(d) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>

    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">71,649 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="67%"><FONT FACE="serif" SIZE="1"><B>Total
Arizona</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>780,137</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Arkansas &#151; 1.5%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Arkansas State Development
Finance Authority Hospital Revenue, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Washington Regional Medical Center, Call
2/1/10 @ 100, 7.000% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">2/1/15 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,670,850 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Warren County, AR, Solid Waste Disposal Revenue, Potlatch
Corp. Project, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">7.000% due 4/1/12 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,084,130 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="67%"><FONT FACE="serif" SIZE="1"><B>Total
Arkansas</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>2,754,980</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>California &#151; 5.3%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Barona, CA, Band of
Mission Indians, GO, 8.250% due 1/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,556,505 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">3,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">California State Economic
Recovery, Series A, 5.000% due 7/1/17 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">3,136,020 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">410,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">California Statewide COP Community Development Revenue,
Refunding </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Hospital Triad Healthcare, 6.250% due 8/1/06 (b) </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">413,542 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">10,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Loma Linda, CA, Community
Hospital Corp. Revenue, First Mortgage, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">8.000% due 12/1/08 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">11,045 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Los Angeles,
CA: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,115,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">COP, Hollywood Presbyterian Medical Center,
INDLC-Insured, 9.625% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due
7/1/13 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,349,618 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Union School District, Series A, MBIA-Insured, Call 7/1/13 @
100, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.375% due 7/1/18 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,096,810 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,450,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">Morgan Hill, CA, USD,
FGIC-Insured, 5.750% due 8/1/17 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,590,375 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">365,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT FACE="serif" SIZE="1">San Francisco, CA, Airport
Improvement Corp. Lease Revenue, United </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Airlines, Inc., 8.000% due 7/1/13 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">420,287 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">120,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">San
Leandro, CA, Hospital Revenue, Vesper Memorial Hospital,
11.500% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">due 5/1/11 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">144,437 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="67%"><FONT FACE="serif" SIZE="1"><B>Total
California</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>9,718,639</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Colorado &#151; 5.4%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,860,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Broomfield, CO, COP, Open Space Park &amp; Recreation
Facilities, AMBAC- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="67%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Insured, 5.500% due 12/1/20 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,978,147 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=7><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=7><FONT SIZE="1">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=8><B><I><FONT face=serif size=1>See Notes to Schedule of
      Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=1>Page 1 </FONT></I></B></P>




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<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>






  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Colorado &#151; 5.4% (continued)</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=2><FONT FACE="serif" SIZE="1">Colorado Educational &amp; Cultural Facilities Authority
Revenue Charter School: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="left" WIDTH="2%"><FONT SIZE="1">$ </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="6%" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; &nbsp; 1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="center" WIDTH="8%"><FONT SIZE="1">&nbsp; BBB-&nbsp; </FONT></TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Bromley East Project, Series A, Call 9/15/11 @ 100, 7.000%
due 9/15/20 (e)&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="3%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD ALIGN="right" WIDTH="4%"><FONT FACE="serif" SIZE="1">$ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="9%"><FONT FACE="serif" SIZE="1">1,152,300 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,155,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">Bromley School Project, XLCA-Insured, 5.125% due
9/15/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,231,992 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,350,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Refunding &amp; Improvement, University Lab School,
XLCA-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.250% due 6/1/24 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,445,026 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Baa2(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">University Lab School Project Call 6/1/11 @
100, 6.125% due 6/1/21 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">554,675 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">710,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Denver, CO, Health &amp;
Hospital Authority, Series A, 6.250% due 12/1/16 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">765,508 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,765,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Pueblo, CO, Bridge
Waterworks Water Revenue, Improvement, Series A, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">FSA-Insured, Call 11/1/10 @ 100, 6.000% due 11/1/14
(a)(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,933,487 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">750,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">SBC Metropolitan District,
CO, GO, ACA-Insured, 5.000% due 12/1/25 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">759,698 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Colorado</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="3%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>9,820,833</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Connecticut &#151; 3.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Connecticut State HEFA Revenue, Bristol Hospital, Series
B, 5.500% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">7/1/21 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,158,980 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,855,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Connecticut State Special Obligation Parking Revenue,
Bradley International </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Airport, Series A, ACA-Insured, 6.375% due 7/1/12
(a)(c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,024,065 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Connecticut State Special Tax Obligation Revenue, RITES,
Series A, FSA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Insured, 6.815% due 10/1/09 (g) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,719,810 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" ALIGN="RIGHT"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Connecticut</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="3%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>5,902,855</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Florida &#151; 4.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">195,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Lee County, FL, Southwest
Florida Regional Airport Revenue, MBIA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Insured, 8.625% due 10/1/09 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">212,913 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">3,250,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Lee,
FL, Memorial Health System, Hospital Revenue, Series A,
FSA-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.750% due 4/1/14 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">3,526,802 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,640,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Old
Palm Community Development District, FL, Palm Beach Gardens,
Series </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">B, 5.375% due 5/1/14 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,653,497 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"></TD>
    <TD width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD width="2%"></TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">Orange County, FL, Health Facilities Authority
Revenue: </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=right width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">700,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">First Mortgage Healthcare Facilities, 8.750% due
7/1/11 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">743,519 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Hospital Adventist Health Systems, 6.250% due
11/15/24 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,660,320 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">455,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Southern Adventist Hospital, Adventist Health Systems,
8.750% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">10/1/09 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">497,925 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">310,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Sanford, FL, Airport
Authority Industrial Development Revenue, Central </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Florida Terminals Inc. Project A, 7.500% due 5/1/06
(c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">309,975 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" ><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Florida</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="3%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>8,604,951</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Georgia &#151; 3.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">970,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Athens, GA, Housing Authority Student Housing Lease
Revenue, University </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">of Georgia East Campus, AMBAC-Insured, 5.250% due
12/1/23 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,031,440 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">650,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Chatham County, GA,
Hospital Authority Revenue, Hospital Memorial </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Health Medical Center, Series A, 6.000% due
1/1/17 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">698,262 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Gainesville, GA, Water
&amp; Sewer Revenue, FSA-Insured, 5.375% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">11/15/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,071,570 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A1(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Georgia Municipal Electric
Authority, Power System Revenue, Series X, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6.500% due 1/1/12 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">542,820 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Griffin, GA, Combined Public Utilities Revenue, Refunding
&amp; Improvement, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">AMBAC-Insured, 5.000% due 1/1/21 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,051,220 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,120,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Metropolitan Atlanta Rapid Transit Georgia Sales Tax
Revenue, Series E, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">7.000% due 7/1/11 (a)(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,379,552 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" NOWRAP ALIGN="RIGHT"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Georgia</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="3%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>6,774,864</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Illinois &#151; 4.8%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">535,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">C(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Bourbonnais, IL, Industrial Development Revenue,
Refunding Kmart Corp. </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Project, 6.600% due 10/1/06 (h) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">5,350 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Chicago, IL, O'Hare International Airport Revenue,
Refunding Bonds, Lien </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">A-2, FSA-Insured, 5.750% due 1/1/19 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,637,655 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="RIGHT" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Cicero, IL, Tax Increment,
Series A, XLCA-Insured, 5.250% due 1/1/21 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,067,030 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=9><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=right><B><I><FONT face=serif size=1>Page 2 </FONT></I></B></P>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>






  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Illinois &#151; 4.8% (continued)</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT SIZE="1">$ </FONT></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,030,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Glendale Heights, IL, Hospital Revenue, Refunding
Glendale Heights Project, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="left" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="left" WIDTH="6%" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">Series B, 7.100% due 12/1/15 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="4%"><FONT FACE="serif" SIZE="1">$ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="9%"><FONT FACE="serif" SIZE="1">1,189,722 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Harvey, IL, GO,
Radian-Insured, 6.700% due 2/1/09 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,001,790 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">485,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Illinois Development Finance Authority, Chicago Charter
School Foundation </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Project A, 5.250% due 12/1/12 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">496,722 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Illinois Health Facilities
Authority Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">440,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Methodist Medical Center of Illinois
Project, 9.000% due 10/1/10 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">490,741 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">265,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Ravenswood Hospital Medical Center Project,
7.250% due 8/1/06 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">268,257 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,310,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Kane County, IL, GO,
FGIC-Insured, 5.500% due 1/1/14 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,421,376 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Mount Veron, IL, Elderly
Housing Corp., First Lien Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">235,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Ba3(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">7.875% due 4/1/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">235,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">250,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Ba3(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">7.875% due 4/1/07 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">250,140 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">270,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Ba3(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">7.875% due 4/1/08 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">269,946 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Will County, IL, GO,
School District North 122 New Lenox, Capital </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Appreciation Refunding School, Series D, FSA-Insured,
zero coupon </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">bond to yield 5.188% due 11/1/24 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">421,980 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" ><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Illinois</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>8,755,709</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Indiana &#151; 0.6%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">800,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Ball State University,
Indiana University Revenue, Student Fee, Series K, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">FGIC-Insured, 5.750% due 7/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">871,104 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">240,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Madison County, IN,
Hospital Authority Facilities Revenue, Community </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Hospital of Anderson Project, 9.250% due 1/1/10
(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">267,598 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" ><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Indiana</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>1,138,702</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Iowa &#151; 1.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A1(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Iowa
Finance Authority, Health Care Facilities Revenue, Genesis
Medical </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Center, 6.250% due 7/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,076,350 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">940,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Muscatine, IA, Electric
Revenue, 9.700% due 1/1/13 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,134,148 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" ><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Iowa</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>2,210,498</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Kansas &#151; 1.8%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Burlington, KS, Environmental Improvement Revenue, Kansas
City Power &amp; </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Light Project, Refunding, 4.750% due 10/1/07
(d)(i) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,009,430 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,245,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Johnson County, KS, Union School District, Series A, Call
10/1/09 @ 100, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.125% due 10/1/20 (a)(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,352,558 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Kansas</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>3,361,988</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Louisiana &#151; 1.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">320,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Louisiana Public
Facilities Authority Hospital Revenue, Southern Baptist </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Hospital Inc. Project, Aetna-Insured, 8.000% due 5/15/12
(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">356,586 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,690,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Monroe, LA, Sales &amp; Use Tax Revenue, FGIC-Insured,
5.625% due 7/1/25 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,843,029 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Louisiana</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>2,199,615</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Maryland &#151; 1.8%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Maryland State Health &amp; Higher EFA Revenue, Refunding
Mercy Medical </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Center, FSA-Insured, 6.500% due 7/1/13 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,114,910 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Montgomery County, MD, GO,
5.250% due 10/1/14 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,146,380 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Maryland</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>3,261,290</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Massachusetts &#151; 7.0%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">690,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Boston, MA, Water &amp; Sewer Commission Revenue, 10.875%
due 1/1/09 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">770,985 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,130,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Lancaster, MA, GO,
AMBAC-Insured, 5.375% due 4/15/17 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,223,903 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Massachusetts State, GO, RITES, Series PA 993-R,
MBIA-Insured, 7.042% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">due 5/1/09 (g) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,742,910 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Massachusetts State DFA
Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Curry College, Series A, ACA-Insured, 6.000% due
3/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">529,065 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">370,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">VOA Concord, Series A, GNMA-Collateralized,
6.700% due 10/20/21 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">419,044 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=9><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=1>Page </FONT></I></B><FONT face=serif size=1>3 </FONT></P>




<!-- *************************************************************************** -->
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<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>

  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8>

</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>Massachusetts &#151; 7.0% (continued)</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD ALIGN="left" WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="left" WIDTH="6%" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT FACE="serif" SIZE="1">Massachusetts State HEFA
Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT SIZE="1">$ </FONT> </TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">Berkshire Health Systems, Series F, 5.000% due
10/1/19 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="4%"><FONT FACE="serif" SIZE="1">$ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,039,050 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Caritas Christi Obligation, Series B: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6.500% due 7/1/12 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">2,167,840 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">835,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6.750% due 7/1/16 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">930,891 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Milford-Whitinsville Regional Hospital,
Series D, 6.500% due 7/15/23 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,072,130 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB+(j) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Winchester Hospital, Series E, Call 7/1/10 @
101, 6.750% due 7/1/30 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,115,080 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Massachusetts State
Industrial Finance Agency Assisted Living Facility </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Revenue, Arbors at Amherst Project,
GNMA-Collateralized, 5.750% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6/20/17 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,168,761 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A3(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">New
England Education Loan Marketing Corp. Massachusetts Student
Loan </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Revenue, Sub-Issue H, 6.900% due 11/1/09 (c) </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">522,890 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Massachusetts</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>12,702,549</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Michigan &#151; 3.3%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,775,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Carrier Creek, MI, Drain
District No. 326, AMBAC-Insured, 5.000% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6/1/24 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,866,750 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Jenison, MI, Public Schools GO, Building and Site,
FGIC-Insured, 5.500% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">due 5/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,082,370 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Memphis, MI, Community
Schools GO, Call 5/1/09 @ 100, 5.150% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5/1/19 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,032,030 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Michigan State Hospital Finance Authority Revenue,
Oakwood Obligated </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Group, 5.500% due 11/1/18 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,061,890 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Walled Lake, MI, Consolidated School District,
MBIA-Insured, 5.000% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5/1/22 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,047,500 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Michigan</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>6,090,540</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Missouri &#151; 1.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Hazelwood, MO, School District, Missouri Direct Deposit
Program, Series A, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">FGIC-Insured, 5.000% due 3/1/23 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,052,810 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">405,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-(j) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Lees Summit, MO, IDA
Health Facilities Revenue, John Knox Village, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.750% due 8/15/11 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">425,898 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Missouri State Environmental Improvement &amp; Energy
Resource Authority, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Water Pollution Control, State Revolving Funds Program,
Series C, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.250% due 7/1/18 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,106,690 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">35,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Missouri State Housing Development Community Mortgage
Revenue, Series </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">C, GNMA/FNMA-Collateralized, 7.450% due 9/1/27
(c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">35,823 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">345,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Nevada, MO, Waterworks Systems Revenue, AMBAC-Insured,
10.000% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">10/1/10 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">399,037 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Missouri</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>3,020,258</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Nebraska &#151; 1.4%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">NebHELP Inc. Nebraska
Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series A-5A, MBIA-Insured, 6.200% due 6/1/13
(c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,537,440 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series A-6, MBIA-Insured, 6.450% due 6/1/18
(c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,036,590 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Nebraska</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>2,574,030</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Nevada &#151; 0.6%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Henderson, NV, Health Care
Facilities Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">470,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Pre-Refunded, Catholic West, Series A, 6.200% due 7/1/09
(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">487,470 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">535,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Unrefunded Balance, Catholic West, Series A, 6.200% due
7/1/09 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">568,213 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Nevada</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>1,055,683</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>New Hampshire &#151; 0.5%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px" NOWRAP ALIGN="right"><FONT FACE="serif" SIZE="1">865,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">New Hampshire HEFA, Covenant Healthcare
System, 6.500% due 7/1/17 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>964,769</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>New Jersey &#151; 0.1%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">170,000 </FONT> <FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT> <FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Ringwood Borough, NJ, Sewer Authority Special Obligation,
9.875% due </FONT> <FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">7/1/13 (b) </FONT> <FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>204,536</B> </FONT> <FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR>
    <TD align=center width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR>
    <TD align=center width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=9><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=right><B><I><FONT face=serif size=1>Page 4 </FONT></I></B></P>




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<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>






  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>New Mexico &#151; 0.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="left" WIDTH="2%"><FONT SIZE="1">$ </FONT> </TD>
    <TD NOWRAP ALIGN="right" WIDTH="6%" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="center" WIDTH="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT FACE="serif" SIZE="1">Bernalillo County, NM,
Gross Receipts Tax Revenue, AMBAC-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.250% due
10/1/18 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="3%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="4%"><FONT FACE="serif" SIZE="1">$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>1,210,231</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>New York &#151; 2.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">895,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">New York City, NY, IDA,
Civic Facility Revenue, Community Hospital </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Brooklyn, 6.875% due 11/1/10 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">915,674 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,760,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">New York State Dormitory
Authority Revenue, Mental Health Services </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Facilities, 5.000% due 2/15/18 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,863,189 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Tobacco Settlement Financing Corp., New York, Asset-Backed,
Series C-1, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.500% due 6/1/14 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,097,060 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total New
York</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>4,875,923</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>North Carolina &#151; 1.4%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">170,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Charlotte North Carolina
Mortgage Revenue, Refunding Double Oaks </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Apartments, Series A, FNMA-Collateralized, 7.300% due
11/15/07 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">173,932 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">North
Carolina Eastern Municipal Power Agency, Power System
Revenue, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series D, 6.450% due 1/1/14 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,087,390 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,175,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">North
Carolina Municipal Power Agency No. 1, Catawba Electricity
Revenue, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">10.500% due 1/1/10 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,343,613 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total North
Carolina</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>2,604,935</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Ohio &#151; 7.3%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,370,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Cleveland, OH, Waterworks Revenue, Series K, Call 1/1/12 @
100, 5.250% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">due 1/1/21 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,470,750 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,255,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Cuyahoga County, OH,
Hospital Facilities Revenue, Canton, Inc. Project, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">6.750% due 1/1/10 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,315,303 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,855,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Highland, OH, Local School District, School Improvement,
FSA-Insured, Call </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">12/1/11 @ 100, 5.750% due 12/1/19 (a)(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,040,407 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Kettering, OH, City School
District, School Improvement, FSA-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.000% due 12/1/19 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,057,500 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Lake County, OH, Hospital
Improvement Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">210,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Lake County Memorial Hospital Project, 8.625% due 11/1/09
(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">229,990 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">115,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Ridgecliff Hospital Project, 8.000% due 10/1/09
(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">124,101 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">95,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Lima,
OH, Hospital Revenue, St. Rita Hospital of Lima, 7.500% due
11/1/06 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>


    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">97,185 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Ohio
State Air Quality Development Authority Revenue, Cleveland
Pollution </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Control, Series A, 6.000% due 12/1/13 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,558,605 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">3,010,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Ohio State GO,
Conservation Project, Series A, 5.250% due 9/1/13 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">3,193,881 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Ohio State Water
Development Authority Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,785,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">9.375% due 12/1/10 (b)(k) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,980,011 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">245,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Safe Water, Series 3, 9.000% due 12/1/10 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">269,154 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Ohio</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>13,336,887</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Oklahoma &#151; 0.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">55,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Oklahoma State Industries Authority Revenue, Hospital
Oklahoma Health </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Care Corp., Series A, Call 5/1/07 @ 100, 9.125% due 11/1/08
(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">57,750 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">260,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB(j) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Tulsa, OK, Housing Assistance Corp. MFH Revenue, 7.250% due
10/1/07 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">261,430 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Tulsa, OK, Municipal Airport Trust Revenue, Refunding
American Airlines, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series
B: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">B- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="serif" SIZE="1">5.650% due 12/1/08
(c)(d)(i) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">495,475 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">B- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="serif" SIZE="1">6.000% due 12/1/08
(c)(d)(i) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">499,710 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Oklahoma</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>1,314,365</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Oregon &#151; 1.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">935,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB(j) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Klamath Falls, OR, International Community Hospital Authority
Revenue, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Merle West Medical Center Project, 8.000% due 9/1/08
(b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">987,790 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>


  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT SIZE="1">&nbsp;</FONT> </TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,200,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">NR </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Wasco
County, OR, Solid Waste Disposal Revenue, Waste Connections
Inc. </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="left" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="left" WIDTH="6%" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">Project, 7.000% due 3/1/12 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="5%"><FONT FACE="serif" SIZE="1">&nbsp; </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="9%"><FONT FACE="serif" SIZE="1">1,264,236 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Oregon</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>2,252,026</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD width="97%" colSpan=8><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD width="97%" colSpan=8><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD width="97%" colSpan=8><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=9><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=1>Page </FONT></I></B><FONT face=serif size=1>5 </FONT></P>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>






  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Pennsylvania &#151; 6.4%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">$ </FONT> </TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">865,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%"><FONT FACE="serif" SIZE="1">Conneaut, PA, School District GO, AMBAC-Insured, 9.500% due
5/1/12 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="5%"><FONT FACE="serif" SIZE="1">$ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">990,598 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,855,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Delaware River Port Authority Pennsylvania and New Jersey,
RITES, Series 964, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="left" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">FSA-Insured, 6.808% due 1/1/10 (a)(g) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD NOWRAP ALIGN="left" WIDTH="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="right" WIDTH="9%"><FONT FACE="serif" SIZE="1">2,153,395 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Harrisburg, PA, Parking Authority Parking Revenue,
FSA-Insured, 5.500% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">due 5/15/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,081,690 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,365,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Northampton County, PA, IDA Revenue, Mortgage Moravian Hall
Square </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Project, Radian-Insured, 5.500% due 7/1/19 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,452,633 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Pennsylvania State IDA Revenue, Economic Development,
AMBAC-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.500% due 7/1/21 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,089,260 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Philadelphia, PA, Hospital Authority Revenue, Thomas
Jefferson University </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Hospital, 7.000% due 7/1/08 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">103,828 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Philadelphia, PA, School District, Series A, FSA-Insured,
Call 2/1/12 @ 100, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.500% due 2/1/23 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,087,440 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Philadelphia, PA, Water &amp; Wastewater, Series B,
FGIC-Insured, 5.250% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">11/1/14 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,150,340 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,350,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Pittsburgh, PA, School
District GO, FSA-Insured, 5.375% due 9/1/16 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,498,190 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Pennsylvania</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>11,607,374</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Puerto Rico &#151; 0.8%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px" NOWRAP ALIGN="right"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Puerto Rico Housing Bank &amp; Finance Agency, 7.500% due
12/1/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>1,529,790</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Rhode Island &#151; 0.6%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px" NOWRAP ALIGN="right"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Central Falls, RI, GO, Radian-Insured, 5.875% due
5/15/15 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>1,079,010</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>South Carolina &#151; 3.3%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">95,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Anderson County, SC, Hospital Facilities Revenue, 7.125% due
8/1/07 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">97,609 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,445,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Charleston, SC, Waterworks
&amp; Sewer Revenue, 5.250% due 1/1/16 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,539,315 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Greenville County, SC, School District Installment Purchase
Revenue, Building </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"></TD>
    <TD width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD width="2%"></TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Sooner for
Tomorrow, Call 12/1/12 @ 101: </FONT> </TD>
    <TD noWrap align=left width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="serif" SIZE="1">5.875% due 12/1/19
(a)(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,244,940 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="serif" SIZE="1">6.000% due 12/1/21
(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,222,983 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total South
Carolina</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>6,104,847</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>South Dakota &#151; 1.9%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,400,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aa2(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Minnehana County, SD, GO, Limited Tax Certificates, Call
12/1/10 @ 100, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.625% due 12/1/20 (a)(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,569,296 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">795,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">South Dakota Economic
Development Finance Authority, Economic </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Development Revenue, APA Optics, Series A,
6.750% due 4/1/16 (c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">821,108 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total South
Dakota</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>3,390,404</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Tennessee &#151; 0.5%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">530,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Jackson, TN, Water &amp;
Sewer Revenue, 7.200% due 7/1/12 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">581,007 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">355,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Baa1(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">McMinnville, TN, Housing Authority Revenue, Refunding First
Mortgage </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Beersheba Heights, 6.000% due 10/1/09 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">366,186 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Tennessee</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="9%"><FONT FACE="serif" SIZE="1"><B>947,193</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Texas &#151; 7.8%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aa3(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Brazos River, TX, Harbor Navigation District, BASF Corp.
Project, 6.750% </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">due 2/1/10 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,207,180 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT FACE="serif" SIZE="1">Dallas, TX, Area Rapid Transit Sales Tax Revenue, Senior
Lien, AMBAC- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Insured, 5.375% due 12/1/16 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">2,139,940 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Dallas-Fort Worth,
TX: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">CCC </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="71%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">International Airport Facility, Improvement
Corp. Revenue, Refunding, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="9%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">American Airlines, Series C, 6.150% due 11/1/07 (c)(d)(i) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="5%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="9%"><FONT FACE="serif" SIZE="1">1,484,505 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="padding-right:9px;" noWrap align=right width="6%"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">International Airport Revenue, Refunding, Series B,
FSA-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="6%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.500% due 11/1/20 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="4%"><FONT FACE="serif" SIZE="1">&nbsp;</FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,064,580 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8><FONT SIZE="1">&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="97%" colSpan=8><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=9><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=right><B><I><FONT face=serif size=1>Page 6 </FONT></I></B></P>




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<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>






  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Texas &#151; 7.8% (continued)</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD ALIGN="left" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="left" WIDTH="6%" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="64%"><FONT FACE="serif" SIZE="1">El Paso County, TX,
Housing Finance Corp.: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="LEFT" WIDTH="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD ALIGN="left" WIDTH="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">$ </FONT> </TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">275,000 &nbsp; </FONT> </TD>
    <TD width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Baa3(f) &nbsp; </FONT> </TD>
    <TD width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; La Plaza Apartments, Sub-Series C, 8.000% due
7/1/30 &nbsp; </FONT> </TD>
    <TD width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">$ </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">279,587 </FONT> <FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">360,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A3(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">MFH Revenue, Series A, American Village
Communities, 6.250% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/24 </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">368,208 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">El
Paso, TX, Water &amp; Sewer Revenue, Refunding &amp; Improvement, Series
A, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSA-Insured: </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">45,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="serif" SIZE="1">6.000% due
3/1/15 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">49,890 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">955,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="serif" SIZE="1">Call 3/1/12 @ 100, 6.000%
due 3/1/15 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,059,305 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Fort
Worth, TX, Water &amp; Sewer Revenue, Call 2/15/12 @ 100, 5.625%
due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">2/15/17 (a)(e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">2,183,480 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">585,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Grand Prairie, TX, Housing
Finance Corp., MFH Revenue, Landings of </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Carrier Project, Series A,
GNMA-Collateralized, 6.650% due 9/20/22 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">649,110 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Harris County, TX, Hospital District Revenue, MBIA-Insured,
6.000% due </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">2/15/15 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,085,920 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Southwest Higher Education Authority Inc., Southern Methodist
University </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Project, AMBAC-Insured, 5.500% due 10/1/19 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,090,350 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">275,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Tarrant County, TX, Hospital Authority Revenue, Adventist
Health System- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Sunbelt, 10.250% due 10/1/10 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">317,455 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">175,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Texas State Department
Housing Community Affairs Home Mortgage </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Revenue, RIBS Series C-2,
GNMA/FNMA/FHLMC-Collateralized, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">10.271% due 7/2/24 (c)(l) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">174,503 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Texas</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>14,154,013</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Utah &#151; 1.8%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,580,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Salt Lake &amp; Sandy, UT,
Metropolitan Water District Revenue, Series A, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">AMBAC-Insured, 5.000% due 7/1/24 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,657,341 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Spanish Fork City, UT,
Water Revenue, FSA-Insured: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,135,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.500% due 6/1/16 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,228,308 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">350,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Call 6/1/12 @ 100, 5.500% due 6/1/16 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">382,165 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Utah</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>3,267,814</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Washington &#151; 1.9%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,250,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">Aaa(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Cowlitz County, WA, School
District, No. 122 Longview, FSA-Insured, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">5.500% due 12/1/19 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,335,512 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Energy Northwest
Washington Electric Revenue, Project No. 3, Series A, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">FSA-Insured, 5.500% due 7/1/18 (a) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">2,150,760 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Washington</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>3,486,272</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>West Virginia &#151; 0.1%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">95,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">AAA </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Cabell Putnam &amp; Wayne Counties, WV, Single - Family
Residence Mortgage </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Revenue, FGIC-Insured,
7.375% due 4/1/10 (b) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>100,447</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Wisconsin &#151; 1.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">BBB </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">La Crosse, WI, Resource
Recovery Revenue, Refunding Bonds, Northern </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">States Power Co. Project,
Series A, 6.000% due 11/1/21 (a)(c) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>2,118,700</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1"><B>TOTAL INVESTMENTS BEFORE SHORT-TERM
INVESTMENTS</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 2pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="64%"><FONT SIZE="1"></FONT><FONT FACE="serif" SIZE="1">(Cost &#151; $168,853,756) </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>173,936,325</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" colSpan=6><FONT FACE="serif" SIZE="1"><B>SHORT-TERM INVESTMENTS(m) &#151; 4.7%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Alaska &#151; 0.5%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">900,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Valdez, AK, Marine Terminal, BP Pipelines Inc. Project,
Series B, 3.190%, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>900,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Florida &#151; 0.1%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">VMIG1(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Brevard County, FL, Health Facilities Authority, Health
Facilities Revenue, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Refunding Bonds, Health First Inc. Project, LOC-SunTrust
Bank, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">3.180%,
4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>100,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD align=center width="99%" colSpan=9><FONT SIZE="1">&nbsp; </FONT></TD></TR>
  <TR>
    <TD align=center width="99%" colSpan=9><FONT SIZE="1">&nbsp; </FONT></TD></TR>
  <TR>
    <TD align=center width="99%" colSpan=9><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=9><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=1>Page </FONT></I></B><FONT face=serif size=1>7 </FONT></P>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=1>Face<BR></FONT></B><B><FONT face=serif size=1>Amount</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="1%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>Rating&#135;</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="67%"><B><FONT face=serif size=1>Security</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=left width="4%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #400040 3pt solid" noWrap align=center width="9%"><B><FONT face=serif size=1>Value</FONT></B>&nbsp; </TD></TR>






  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Illinois &#151; 1.1%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT SIZE="1">$&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">2,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Illinois Health Facilities Authority, University of Chicago
Hospital Project, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" ALIGN="left" WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left" WIDTH="6%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" WIDTH="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" ALIGN="left" WIDTH="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" ALIGN="left" WIDTH="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series C, MBIA-Insured,
LIQ-JPMorgan Chase, 3.130%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" WIDTH="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" ALIGN="right" WIDTH="4%"><FONT FACE="serif" SIZE="1">$ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid" ALIGN="right" WIDTH="10%"><FONT FACE="serif" SIZE="1"><B>2,000,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>Massachusetts &#151; 0.2%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">400,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">VMIG1(f) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Massachusetts State HEFA, Capital Asset Program, Series E,
LOC-Bank of </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT> <FONT FACE="serif" SIZE="1">America, 3.130%,
4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>400,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%" colSpan=4><FONT FACE="serif" SIZE="1"><B>Pennsylvania &#151; 0.3%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Geisinger Authority
Pennsylvania Health Systems, 3.160%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Pennsylvania State Higher
EFA, Carnegie Mellon University: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series B, SPA-Morgan Guaranty
Trust, 3.150%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">200,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series C,
SPA-JPMorgan Chase, 3.150%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>


    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">200,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Philadelphia, PA, Hospitals &amp; Higher Education Facilities
Authority, Hospital </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Revenue, Children's Hospital Project, Series
A, SPA-JPMorgan Chase, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">3.140%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">100,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Pennsylvania</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>500,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1"><B>Texas &#151;
2.4%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT FACE="serif" SIZE="1">Bell County, TX, Health Facilities Development Corp. Revenue,
Scott &amp; White </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; Memorial
Hospital: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">HFA, Series 2001-2, MBIA-Insured,
SPA-Westdeutsche Landesbank, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">3.180%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,000,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">1,200,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series 2001-1, MBIA-Insured, SPA-JPMorgan
Chase, 3.180%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">1,200,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">800,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Series B-2, MBIA-Insured, SPA-Chase Bank of
Texas N.A., 3.180%, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">800,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Harris County, TX, Health
Facilities Development Corp. Revenue: </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Refunding, The Methodist Hospital Systems,
Series B, 3.170%, 4/3/06 (e) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>


    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">500,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">600,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="70%" colSpan=3><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Special Facilities, Texas Medical Center
Project, MBIA-Insured, SPA- </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">JPMorgan Chase, 3.180%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">600,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">400,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">A-1+ </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">St. Luke's Episcopal Hospital, Series B, SPA-Northern Trust
Co., </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP ALIGN="left" STYLE="padding-right:9px;"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">Bayerische Landesbank, Bank of America,
3.170%, 4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="10%"><FONT FACE="serif" SIZE="1">400,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; &nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>Total
Texas</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>4,500,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%" colSpan=2><FONT FACE="serif" SIZE="1"><B>Virginia &#151; 0.1%</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"></TD>
    <TD NOWRAP ALIGN="right" STYLE="padding-right:9px;"><FONT FACE="serif" SIZE="1">200,000 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="1%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=center width="8%"><FONT FACE="serif" SIZE="1">F-1+(j) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="64%"><FONT FACE="serif" SIZE="1">Alexandria, VA, IDA
Revenue, Goodwin House, LOC-Wachovia Bank, </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD width="2%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=left width="10%"><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT SIZE="1">&nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT FACE="serif" SIZE="1">3.170%,
4/3/06 </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>200,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 1pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>TOTAL SHORT-TERM INVESTMENTS
</B><BR>&nbsp; &nbsp; &nbsp; (Cost &#151;
$8,600,000) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>8,600,000</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="2%"><FONT SIZE="1">&nbsp; </FONT></TD>
    <TD STYLE="BORDER-BOTTOM: #400040 2pt solid;padding-right:9px;" NOWRAP ALIGN="left"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" width="1%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="8%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="64%"><FONT FACE="serif" SIZE="1"><B>TOTAL INVESTMENTS &#151; 100.0%
</B>(Cost &#151;
$177,453,756#) </FONT><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" width="2%"><FONT SIZE="1">&nbsp; </FONT>
</TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="4%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-BOTTOM: #400040 2pt solid" noWrap align=right width="10%"><FONT FACE="serif" SIZE="1"><B>$182,536,325</B> </FONT><FONT SIZE="1">&nbsp; </FONT> </TD></TR></TABLE><FONT SIZE="1"><BR> </FONT>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="3%"><FONT SIZE="1">&#135;</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">All
ratings are by Standard &amp; Poor&#146;s Ratings Service, unless otherwise
noted. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(a) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">All
or a portion of this security is segregated for open futures
contracts. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(b) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Bonds are escrowed to maturity by government securities
and/or U.S. government agency securities and are considered by
the </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Manager to be triple-A rated even if issuer has not applied
for new ratings. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(c) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Income from this issue is considered a preference item for
purposes of calculating the alternative minimum tax ("AMT").</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(d) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Variable rate security. Interest rate disclosed is that which
is in effect at March 31, 2006. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(e) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Pre-Refunded bonds are escrowed with government obligations
and/or government agency securities and are considered by the </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Manager to be triple-A rated even if issuer has not applied
for new ratings. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(f) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Rating by Moody's Investors Service. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(g) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Residual interest tax-exempt securities -- coupon varies
inversely with level of short-term tax-exempt interest rates. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(h) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Security is currently in default. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(i) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Maturity date shown represents the mandatory tender
date. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(j) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Rating by Fitch Ratings Service. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(k) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">All
or a portion of this security is held at the broker as collateral for open
futures contracts. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(l) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Residual interest bonds--coupon varies inversely with level
of short-term tax-exempt interest rates. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1">(m) </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" 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 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">7
days notice. Date shown is the date of the next interest rate
change. </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT FACE="serif" SIZE="1"># </FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT FACE="serif" SIZE="1">Aggregate cost for federal income tax purposes is
substantially the same. </FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2><FONT SIZE="1">&nbsp; </FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=2><FONT SIZE="1">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" align=center width="99%" colSpan=2><B><I><FONT face=serif size=1>See Notes to Schedule of
      Investments.</FONT></I></B> </TD></TR></TABLE><BR>
<P align=right><B><I><FONT face=serif size=1>Page 8 </FONT></I></B></P>




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<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Schedule of Investments</FONT>&nbsp; <FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2>March 31,
      2006</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>








<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">

<TR VALIGN="TOP">
<TD COLSPAN="3" ALIGN="LEFT" VALIGN="TOP"><U>Abbreviations used in this schedule:</U></td></tr>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ACA</FONT></TD><TD WIDTH="3%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP" WIDTH="89%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">American Capital Assurance </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AMBAC</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ambac Assurance Corporation </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">COP</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certificate of Participation </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DFA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Development Finance Agency </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EFA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Educational Facilities Authority </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FGIC</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Guaranty Insurance Company </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FHLMC</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Federal Home Loan Mortgage Corporation </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FNMA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Federal National Mortgage Association </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FSA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Security Assurance </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">GNMA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Government National Mortgage Association </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">GO</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">General Obligation </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">HEFA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Health &amp; Educational Facilities Authority </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">HFA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Housing Finance Authority </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">IDA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Industrial Development Authority </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">INDLC</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Industrial Indemnity Company </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">LIQ</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Liquidity Facility </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">LOC</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Letter of Credit </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MBIA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Municipal Bond Investors Assurance Corporation </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MFH</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Multi-Family Housing </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Radian</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Radian Assets Assurance </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">RIBS</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Residual Interest Bonds </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">RITES</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Residual Interest Tax-Exempt Securities </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SPA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Standby Bond Purchase Agreement </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">USD</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Unified School District </FONT></TD></TR>
<TR VALIGN="TOP">
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">XLCA</FONT></TD><TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">XL Capital Assurance Inc.</FONT></TD></TR>

</TABLE>




<P align=left><B><FONT face=serif size=1>Summary of Investments by Industry * (unaudited)
</FONT></B></P>
<TABLE style="WIDTH: 323px; HEIGHT: 296px" cellSpacing=0 cellPadding=0 width=323 border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Hospitals </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid" noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">16.6 </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid" noWrap align=left width="1%"><FONT SIZE="1">% </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Pre-Refunded </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">14.6 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Education </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">11.5 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Escrowed to
Maturity </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">10.5 </FONT></TD>
    <TD noWrap align=left width="1%"><FONT SIZE="1">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Transportation </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">8.0 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">General
Obligation </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">7.8 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Utilities </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">5.1 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Miscellaneous </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">5.0 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Pollution
Control </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">4.9 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Tax Allocation </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">4.0 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Water &amp;
Sewer </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">3.3 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT FACE="serif" SIZE="1">Other </FONT></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">8.7 </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"></TD>
    <TD width="31%"><FONT SIZE="1">&nbsp; </FONT> </TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=right width="13%"><FONT FACE="serif" SIZE="1">100.0 </FONT></TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="1%"><FONT SIZE="1">% </FONT></TD></TR></TABLE><BR>
<P align=left><FONT FACE="serif" SIZE="1">* As a percentage of total investments.
Please note that Fund holdings are as of March 31, 2006 and are subject to
change. </FONT> </P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid" noWrap align=center width="100%"><B><I><FONT face=serif size=1>See Notes to
      Schedule of Investments.</FONT></I></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=1>Page </FONT></I></B><FONT face=serif size=1>9 </FONT></P>




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<!-- MARKER PAGE="sheet: 3; page: 3" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Bond Ratings</FONT>&nbsp;
<FONT face=serif>(unaudited)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2> </FONT>&nbsp;</FONT></TD></TR></TABLE><BR>







<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The definitions of the applicable
rating symbols are set forth below:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Standard &amp; Poor&#146;s Ratings
Service (&#147;Standard &amp; Poor&#146;s&#148;) </I>&#151; Ratings from &#147;AA&#148; to
&#147;CCC&#148; may be modified by the addition of a plus (+) or minus (-) sign to show
relative standings within the major rating categories. </FONT> </P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AAA</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD WIDTH="88%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Bonds rated &#147;AAA&#148; have the highest rating assigned by Standard &amp;Poor&#146;s.
Capacity to pay interest and repay principal is extremely strong. </FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Bonds rated &#147;AA&#148; have a very strong capacity to pay interest and repay
principal and differ from the highest rated issues only in a small degree. </FONT></TD></TR>






<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Bonds rated &#147;A&#148; have a strong capacity to pay interest and repay
principal although they are somewhat more susceptible to the adverse effects of changes
in circumstances and economic conditions than debt in higher rated categories. </FONT></TD></TR>



<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BBB</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Bonds rated &#147;BBB&#148; are regarded as having an adequate capacity to pay
interest and repay principal. Whereas they normally exhibit adequate protection
parameters, adverse economic conditions or changing circumstances are more likely to lead
to a weakened capacity to pay interest and repay principal for bonds in this category
than in higher rated categories. </FONT></TD></TR>




<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BB, B, CCC, CC and C</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Bonds rated &#147;BB&#148;, &#147;B&#148;, &#147;CCC&#148;, &#147;CC&#148;and
&#147;C&#148; are regarded, on balance, as predominantly speculative with respect to
capacity to pay interest and repay principal in accordance with the terms of the
obligation. &#147;BB&#148; represents the lowest degree of speculation and &#147;C&#148;the
highest degree of speculation. While such bonds will likely have some quality and
protective characteristics, these are outweighed by large uncertainties or major risk
exposures to adverse conditions. </FONT></TD></TR>




<TR VALIGN="TOP">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">D</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Bonds rated &#147;D&#148; are in default and payment of interest and/or repayment
of principal is in arrears. </FONT></TD></TR>

</TABLE>



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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Aaa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="88%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;Aaa&#148; are judged to be of the best quality. They carry
the smallest degree of investment risk and are generally referred to as &#147;gilt edge.&#148;Interest
payments are protected by a large or by an exceptionally stable margin and principal is
secure. While the various protective elements are likely to change, such changes as can
be visualized are most unlikely to impair the fundamentally strong position of such
issues. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Aa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;Aa&#148; are judged to be of high quality by all standards.
Together with the &#147;Aaa&#148; group they comprise what are generally known as high
grade bonds. They are rated lower than the best bonds because margins of protection may
not be as large as in &#147;Aaa&#148; securities or fluctuation of protective elements
may be of greater amplitude or there may be other elements present which make the
long-term risks appear somewhat larger than in &#147;Aaa&#148; securities. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;A&#148; possess many favorable investment attributes and are to
be considered as upper medium grade obligations. Factors giving security to principal and
interest are considered adequate but elements may be present which suggest a
susceptibility to impairment some time in the future. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Baa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;Baa&#148; are considered as medium grade obligations, i.e.,
they are neither highly protected nor poorly secured. Interest payments and principal
security appear adequate for the present but certain protective elements may be lacking
or may be characteristically unreliable over any great length of time. Such bonds lack
outstanding investment characteristics and in fact have speculative characteristics as
well. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ba</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;Ba&#148; are judged to have speculative elements; their future
cannot be considered as well assured. Often the protection of interest and principal
payments may be very moderate and therefore not well safeguarded during both good and bad
times over the future. Uncertainty of position characterizes bonds in this class. </FONT></TD></TR>

</TABLE>





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<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Bond Ratings</FONT>&nbsp;
<FONT face=serif>(unaudited) (continued)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2> </FONT>&nbsp;</FONT></TD></TR></TABLE><BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">B</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="88%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;B&#148; are generally lack characteristics of desirable
investments. Assurance of interest and principal payments or of maintenance of other
terms of the contract over any long period of time may be small. </FONT></TD></TR>



<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Caa</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;Caa&#148; are of poor standing. These may be in default, or
present elements of danger may exist with respect to principal or interest. </FONT></TD></TR>



<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ca</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;Ca&#148; represent obligations which are speculative in a high
degree. Such issues are often in default or have other marked short-comings. </FONT></TD></TR>



<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">C</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;C&#148; are the lowest class of bonds and issues so rated can
be regarded as having extremely poor prospects of ever attaining any real investment
standing. </FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Fitch Ratings Service (&#147;Fitch&#148;)
</I>&#151; Ratings from &#147;AA&#148; to &#147;CCC&#148; may be modified by the addition of a
plus (+) or minus (-) sign to show relative standings within the major rating categories </FONT> </P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AAA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;AAA&#148; have the highest rating assigned by Fitch. Capacity
to pay interest and repay principal is extremely strong. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AA</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;AA&#148; have a very strong capacity to pay interest and repay
principal and differ from the highest rated issues only in a small degree. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;A&#148; have a strong capacity to pay interest and repay
principal although they are somewhat more susceptible to the adverse effects of changes
in circumstances and economic conditions than debt in higher rated categories. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BBB</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;BBB&#148; are regarded as having an adequate capacity to pay
interest and repay principal. Whereas they normally exhibit adequate protection
parameters, adverse economic conditions or changing circumstances are more likely to lead
to a weakened capacity to pay interest and repay principal for bonds in this category
than in higher rated categories. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BB, B, CCC and CC</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonds rated &#147;BB&#148;, &#147;B&#148;, &#147;CCC&#148; and &#147;CC&#148;are
regarded, on balance, as predominantly speculative with respect to capacity to pay
interest and repay principal in accordance with the terms of the obligation. &#147;BB&#148; represents
a lower degree of speculation than &#147;B&#148;, and &#147;CC&#148; the highest degree
of speculation. While such bonds will likely have some quality and protective
characteristics, these are outweighed by large uncertainties or major risk exposures to
adverse conditions. </FONT></TD></TR>

<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NR</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicates that the bond is not rated by Standard &amp; Poor&#146;s, Moody&#146;s
or Fitch. </font></td></tr>
</TABLE>
<BR>


<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Short-Term Security Ratings</FONT>&nbsp;
<FONT face=serif>(unaudited)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2> </FONT>&nbsp;</FONT></TD></TR></TABLE><BR>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SP-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="88%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Standard &amp; Poor&#146;s highest rating indicating very strong or strong
capacity to pay principal and interest; those issues determined to possess overwhelming
safety characteristics are denoted with a plus (+) sign. </FONT></TD></TR>



<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Standard &amp; Poor&#146;s highest commercial paper and variable-rate demand
obligation (VRDO) rating indicating that the degree of safety regarding timely payment is
either overwhelming or very strong; those issues determined to possess overwhelming
safety characteristics are denoted with a plus (+) sign. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">VMIG 1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Moody&#146;s highest rating for issues having a demand feature &#151; VRDO.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MIG1 </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Moody&#146;s highest rating for short-term municipal obligations. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">P-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Moody&#146;s highest rating for commercial paper and for VRDO prior to the
advent of the VMIG 1 rating. </FONT></TD></TR>


<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">F-1</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151; </FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fitch&#146;s highest rating indicating the strongest capacity for timely
payment of financial commitments; those issues determined to possess overwhelming strong
credit feature are denoted with a plus (+) sign. </FONT></TD></TR>

</TABLE>








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<P align=left><B><FONT face=serif size=2>INTERMEDIATE MUNI FUND,
INC.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#400040><FONT color=#ffffff>&nbsp;<FONT size=4>Notes to Schedule of Investments</FONT>&nbsp;
<FONT face=serif>(unaudited)</FONT></FONT></TD>
    <TD width="2%" bgColor=#400040>&nbsp; </TD>
    <TD noWrap align=right width="28%" bgColor=#400040><FONT color=#ffffff>&nbsp; <FONT size=2> </FONT>&nbsp;</FONT></TD></TR></TABLE><BR>



<P align=left><B><FONT face=serif size=2>1.</FONT></B><B><FONT face=sans-serif size=2></FONT></B> <B><FONT face=serif size=2>Organization and Significant
Accounting Policies</FONT></B></P>
<P align=left><FONT face=serif size=2>The Intermediate Muni Fund, Inc. (the
&#147;Fund&#148;) was incorporated in Maryland and is registered as a diversified,
closed-end management investment company under the Investment Company Act of
1940, as amended, (the "1940 Act").</FONT></P>
<P align=left><FONT face=serif size=2>The following are significant accounting
policies consistently followed by the Fund and are in conformity with U.S.
generally accepted accounting principles (&#147;GAAP&#148;).</FONT></P>
<P align=left><B><FONT face=serif size=2>(a) Investment Valuation.</FONT></B>
<FONT face=serif 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 other 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><FONT face=sans-serif size=2></FONT></P>
<P align=left><B><FONT face=serif size=2>(b) Financial Futures
Contracts.</FONT></B> <FONT face=serif 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></P>
<P align=left><FONT face=serif size=2>The risks associated with entering into
financial futures contracts include the possibility that a change in the value
of the contract may not correlate with the changes in the value of the
underlying instruments. In addition, investing in financial futures contracts
involves the risk that the Fund could lose more than the original margin deposit
and subsequent payments required for a futures transaction. Risks may also arise
upon entering into these contracts from the potential inability of the
counterparties to meet the terms of their contracts.</FONT></P>
<P align=left><B><FONT face=serif size=2>(c) Security Transactions.</FONT></B>
<FONT face=serif size=2>Security transactions are accounted for on a trade date
basis.</FONT></P>
<P align=left><B><FONT face=serif size=2>2. Investments</FONT></B></P>
<P align=left><FONT face=serif size=2>At March 31, 2006, the aggregate gross
unrealized appreciation and depreciation of investments for federal income tax
purposes were substantially as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%">

  <TR vAlign=bottom>
    <TD STYLE="BORDER-TOP: #400040 2pt solid" ALIGN="LEFT" WIDTH="56%"><FONT face=serif size=2>
Gross unrealized appreciation</FONT>&nbsp;</TD>
    <TD STYLE="BORDER-TOP: #400040 2pt solid" WIDTH="2%">&nbsp;</TD>
    <TD STYLE="BORDER-TOP: #400040 2pt solid" ALIGN="RIGHT" WIDTH="41%"><FONT face=serif size=2>$6,179,588</FONT></TD>
<TD STYLE="BORDER-TOP: #400040 2pt solid" WIDTH="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><FONT face=serif size=2>Gross unrealized
      depreciation</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=right width="41%"><FONT face=serif size=2>(1,097,019</FONT></TD>
    <td width=1% align=left><FONT face=serif size=2>)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 2pt solid" noWrap align=left width="56%"><FONT face=serif size=2>Net unrealized
      appreciation</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 2pt solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 2pt solid" noWrap align=right width="41%"><FONT face=serif size=2>$5,082,569</FONT></TD>
<TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 2pt solid" width="1%">&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>At March 31, 2006, the Fund had the
following open futures contracts:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="26%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Number of</FONT></B>&nbsp;<BR><B><FONT face=serif size=2>Contracts</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=center width="12%"><B><FONT face=serif size=2>Expiration</FONT></B>&nbsp;<BR><B><FONT face=serif size=2>Date</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=center width="13%"><B><FONT face=serif size=2>Basis</FONT></B>&nbsp;<BR><B><FONT face=serif size=2>Value</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=center width="11%"><B><FONT face=serif size=2>Market</FONT></B>&nbsp;<BR><B><FONT face=serif size=2>Value</FONT></B>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=center width="11%"><B><FONT face=serif size=2>Unrealized</FONT></B>&nbsp;<BR><B><FONT face=serif size=2>Gain</FONT></B>&nbsp;</TD></tr>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2><STRONG>Contracts to
      Sell:<BR></STRONG>U.S. 10 Year Treasury Note</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="16%"><FONT face=serif size=2>550</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="12%"><FONT face=serif size=2>6/06</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="13%"><FONT face=serif size=2>$58,798,438</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=center width="11%"><FONT face=serif size=2>$58,514,844</FONT>&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #400040 1pt solid; BORDER-BOTTOM: #400040 1pt solid" noWrap align=left width="11%">&nbsp;
      &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>$283,594</FONT>&nbsp;</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 2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          CONTROLS AND PROCEDURES.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
registrant&#146;s principal executive officer and                            principal
financial officer have concluded that the                            registrant&#146;s
disclosure controls and procedures (as                            defined in Rule 30a-
3(c) under the Investment                            Company Act of 1940, as amended (the
&#147;1940 Act&#148;)) are                            effective as of a date within 90
days of the filing                            date of this report that includes the
disclosure                            required by this paragraph, based on their
evaluation                            of the disclosure controls and procedures required
by                            Rule 30a-3(b) under the 1940 Act and 15d-15(b) under
                           the Securities Exchange Act of 1934.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There
were no changes in the registrant&#146;s internal                            control over
financial reporting (as defined in Rule                            30a-3(d) under the
1940 Act) that occurred during the                            registrant&#146;s last
fiscal quarter that have materially                            affected, or are likely to
materially affect the                            registrant&#146;s internal control over
financial                            reporting. </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 3.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
           EXHIBITS.</FONT></TD></tr>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Certifications
pursuant to Rule 30a-2(a) under the Investment                   Company Act of 1940, as
amended, are attached hereto. </FONT></TD>
</TR>
</TABLE>
<BR>



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

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

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

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


Date: May 30, 2006 </FONT></P>




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



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By <U>/s/ R. Jay Gerken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>R. Jay Gerken<BR>
Chief Executive Officer <BR><BR>

Date: May 30, 2006<BR><BR>


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

Date: May 30, 2006 </FONT></P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>

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<BODY bgcolor="#ffffff">
<!--$$/page=--><A name=page_1></A>
<P align=center>
<TABLE>

  <TR>
    <TD noWrap align=center><B><U><FONT face=serif size=2>CERTIFICATIONS</FONT></U></B><BR></TD></TR></TABLE>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>I, R. Jay Gerken, certify that:</FONT><BR></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>I have reviewed this
      report on Form N-Q of Intermediate Muni Fund, Inc.;</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>Based on my knowledge,
      the schedules of investments included in this report fairly present in all
      material respects the investments of the registrant as of the end of the
      fiscal quarter for which the report is filed;</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>The registrant&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940) and internal control
      over financial reporting (as defined in Rule 30a-3(d) under the Investment
      Company Act of 1940) for the registrant and have:</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>a)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>b)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>c)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>d)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the registrant&#146;s most recent fiscal quarter that has
      materially affected, or is reasonably likely to materially affect, the
      registrant&#146;s internal control over financial reporting; and</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>The registrant&#146;s other
      certifying officer(s) and I have disclosed to the registrant&#146;s auditors
      and the audit committee of the registrant&#146;s board of directors (or persons
      performing the equivalent functions):</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>a)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>b)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=serif size=2>May 30, 2006</FONT>&nbsp;
    </TD>
    <TD width="42%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>/s/ R. Jay Gerken</FONT>&nbsp; </TD>
    <TD width="10%">&nbsp;</TD>
    <TD noWrap align=center width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="4%"></TD>
    <TD width="14%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="42%"></TD>
    <TD width="20%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="42%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>R. Jay Gerken</FONT>&nbsp;
    </TD>
    <TD width="10%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="42%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Chief Executive
      Officer</FONT>&nbsp; </TD>
    <TD width="10%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD></TR></TABLE><BR>




<!-- *************************************************************************** -->
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<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>I, Robert J. Brault, certify
      that:</FONT><BR></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>I have reviewed this
      report on Form N-Q of Intermediate Muni Fund, Inc.;</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>Based on my knowledge,
      the schedules of investments included in this report fairly present in all
      material respects the investments of the registrant as of the end of the
      fiscal quarter for which the report is filed;</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>The registrant&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940) and internal control
      over financial reporting (as defined in Rule 30a-3(d) under the Investment
      Company Act of 1940) for the registrant and have:</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>a)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>b)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>c)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>d)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>Disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the registrant&#146;s most recent fiscal quarter that has
      materially affected, or is reasonably likely to materially affect, the
      registrant&#146;s internal control over financial reporting; and</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%" colSpan=2><FONT face=serif size=2>The registrant&#146;s other
      certifying officer(s) and I have disclosed to the registrant&#146;s auditors
      and the audit committee of the registrant&#146;s board of directors (or persons
      performing the equivalent functions):</FONT> </TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>a)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>b)</FONT>&nbsp; &nbsp;
      &nbsp; </TD>
    <TD width="100%"><FONT face=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>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=serif size=2>Date:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=serif size=2>May 30, 2006</FONT>&nbsp;
    </TD>
    <TD width="42%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>/s/ Robert J.
      Brault</FONT>&nbsp; </TD>
    <TD width="10%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="4%"></TD>
    <TD width="14%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="42%"></TD>
    <TD width="20%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="42%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert J.
      Brault</FONT>&nbsp; </TD>
    <TD width="10%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD width="42%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2>Chief Financial
      Officer</FONT>&nbsp; </TD>
    <TD width="10%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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