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<SEC-DOCUMENT>0000891804-05-002928.txt : 20050929
<SEC-HEADER>0000891804-05-002928.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929141034
ACCESSION NUMBER:		0000891804-05-002928
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN MUNICIPAL INCOME FUND INC
		CENTRAL INDEX KEY:			0000830271
		IRS NUMBER:				363566347
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05488
		FILM NUMBER:		051110809

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NMI
<TEXT>
<HTML>

<HEAD>
<TITLE>
Form N-Q
</TITLE>
</HEAD>

<BODY>


<CENTER><H3>     UNITED STATES<BR>
     SECURITIES AND EXCHANGE COMMISSION<BR>
     Washington, DC 20549<BR>
<BR>
     FORM N-Q</H3><BR></CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-05488
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Municipal Income Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
07/31/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>

<A name=page_1></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   >&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT
      face=sans-serif size=1
     >Portfolio of Investments (Unaudited)</FONT></B> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Nuveen Municipal Income Fund, Inc. (NMI)</FONT></B> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   >&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT
      face=sans-serif size=1
     >July 31, 2005</FONT></I> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Principal</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ></TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><B><FONT face=sans-serif size=1
     >Optional
      Call</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Market</FONT></B>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><B><FONT face=sans-serif size=1
     >Amount
      (000)</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >Description</FONT></B> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp;<B><FONT
      face=sans-serif size=1
     >Provisions*</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><B><FONT face=sans-serif size=1
     >Ratings**</FONT></B>&nbsp;
    </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><B><FONT face=sans-serif size=1
     >Value</FONT></B>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >Alabama - 0.8%</FONT></B>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >690</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Phenix City Industrial Development
      Board, Alabama, Environmental Improvement Revenue Bonds,</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >748,284</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>MeadWestvaco Corporation, Series
      2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >California -
      18.3%</FONT></B> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >5,530</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Adelanto School District, San
      Bernardino County, California, General Obligation Bonds, Series</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,533,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >1997A, 0.000%, 9/01/22 - MBIA
      Insured</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Brea Olinda Unified School District,
      California, General Obligation Bonds, Series 1999A:</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >0.000%, 8/01/21 - FGIC Insured</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >973,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,070</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >0.000%, 8/01/22 - FGIC Insured</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >952,014</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,120</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >0.000%, 8/01/23 - FGIC Insured</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >923,324</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>California, General Obligation
      Bonds, Series 2004, 5.200%, 4/01/26</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >534,085</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >California State Public Works Board,
      Lease Revenue Bonds, Department of Mental Health, Coalinga</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,163,050</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >State Hospital, Series 2004A, 5.000%,
      6/01/25</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >California Statewide Community
      Development Authority, Revenue Bonds, Daughters of Charity Health</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/15 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,027,850</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >System, Series 2005A, 5.000%,
      7/01/39</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Foothill/Eastern Transportation
      Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/07 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,202,658</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >6.000%, 1/01/34 (Pre-refunded to
      1/01/07)</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Golden State Tobacco Securitization
      Corporation, California, Tobacco Settlement Asset-Backed Bonds,</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >3,455,400</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Series 2003A-1, 6.750%, 6/01/39</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Lake Elsinore Public Financing
      Authority, California, Local Agency Revenue Refunding Bonds, Series</FONT>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/13 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >531,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >2003H, 6.375%, 10/01/33</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Vernon, California, Electric System
      Revenue Bonds, Malburg Generating Station Project, Series</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/08 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Aaa</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,065,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >2003C, 5.375%, 4/01/18 (Pre-refunded to
      4/01/08)</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >Colorado - 5.3%</FONT></B>
    </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >495</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural
      Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak</FONT>
</TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >595,886</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Charter School, Series 2001, 7.500%,
      8/15/21 (Pre-refunded to 8/15/11)</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural
      Facilities Authority, Charter School Revenue Bonds, Weld County</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Ba1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,036,920</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>School District 6 - Frontier
      Academy, Series 2001, 7.375%, 6/01/31</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >870</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Colorado Educational and Cultural
      Facilities Authority, Charter School Revenue Bonds, Douglas</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >879,326</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >County School District RE-1 - DCS
      Montessori School, Series 2002A, 6.000%, 7/15/22</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Denver City and County, Colorado,
      Airport System Revenue Refunding Bonds, Series 2000A, 6.000%,</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/10 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,216,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >11/15/16 (Alternative Minimum Tax)<FONT
      face=sans-serif size=1>- AMBAC
      Insured</FONT>&nbsp;&nbsp;</FONT> </TD>
    <TD noWrap align=left width="3%"
   ></TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif size=1
     >Connecticut -
      5.7%</FONT></B> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,480</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Capitol Region Education Council,
      Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,516,216</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Connecticut Health and Educational
      Facilities Authority, Revenue Bonds, University of New Haven,</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,059,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Series 1996D, 6.700%, 7/01/26</FONT>
</TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif size=1
     >Eastern Connecticut Resource Recovery
      Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/06 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >505,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Project, Series 1993A, 5.500%,
      1/01/14 (Alternative Minimum Tax)</FONT> </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >955</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Williamantic Housing Authority,
      Connecticut, GNMA Collateralized Multifamily Housing Mortgage</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/05 at 105.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,006,322</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Revenue Bonds, Village Heights
      Apartments, Series 1995A, 8.000%, 10/20/30</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Florida -
      2.3%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >175</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Dade County Industrial
      Development Authority, Florida, Revenue Bonds, Miami Cerebral
      Palsy</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >178,834</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Residential Services Inc.,
      Series 1995 8.000%, 6/01/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Martin County Industrial
      Development Authority, Florida, Industrial Development Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/05 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,270,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Indiantown Cogeneration LP,
      Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >600</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Martin County Industrial
      Development Authority, Florida, Industrial Development Revenue
      Refunding</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/05 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >610,026</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bonds, Indiantown Cogeneration
      LP, Series 1995B, 8.050%, 12/15/25 (Alternative Minimum Tax)</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Illinois -
      6.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,485</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Chicago, Illinois, Tax Increment
      Allocation Bonds, Irving/Cicero Redevelopment Project, Series</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/09 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,517,135</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>1998, 7.000%,
      1/01/14</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Illinois Development Finance
      Authority, Revenue Bonds, Chicago Charter School Foundation,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2002A:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6.125%, 12/01/22</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >533,055</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6.250%, 12/01/32</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/21 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,038,890</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Illinois Educational Facilities
      Authority, Student Housing Revenue Bonds, Educational
      Advancement</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,030,080</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Foundation Fund, University
      Center Project, Series 2002, 6.250%, 5/01/34</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,765</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Joliet Regional Port District,
      Illinois, Airport Facilities Revenue Bonds, Lewis University</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/07 at 103.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,853,056</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Airport, Series 1997A, 7.250%,
      7/01/18 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Indiana -
      4.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Indiana Health Facility
      Financing Authority, Hospital Revenue Bonds, Riverview Hospital,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,156,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2002, 6.125%,
      8/01/31</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,350</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Whitley County, Indiana, Solid
      Waste and Sewerage Disposal Revenue Bonds, Steel Dynamics
      Inc.,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,473,863</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 1998, 7.250%, 11/01/18
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Louisiana -
      2.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,880</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Louisiana Public Facilities
      Authority, Extended Care Facilities Revenue Bonds, Comm-Care</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,399,839</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Corporation Project, Series
      1994, 11.000%, 2/01/14</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Maryland -
      1.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Maryland Energy Financing
      Administration, Revenue Bonds, AES Warrior Run Project, Series
      1995,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,020,680</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>7.400%, 9/01/19 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Massachusetts -
      2.9%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Massachusetts Development
      Finance Agency, Resource Recovery Revenue Bonds, Ogden
      Haverhill</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >542,860</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Associates, Series 1999A,
      6.700%, 12/01/14 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Massachusetts Industrial Finance
      Agency, Resource Recovery Remarketed Revenue Refunding Bonds,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,003,960</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Ogden Haverhill Project, Series
      1992A, 4.850%, 12/01/05</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >270</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Massachusetts Industrial Finance
      Agency, Resource Recovery Revenue Refunding Bonds, Ogden
      Haverhill</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/08 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >276,882</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Project, Series 1998A, 5.450%,
      12/01/12 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >625</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Shelby County Health,
      Educational and Housing Facilities Board, Tennessee, Hospital Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A-***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >738,688</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Methodist Healthcare, Series
      2002, 6.500%, 9/01/26 (Pre-refunded to 9/01/12)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Michigan -
      4.2%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Delta County Economic
      Development Corporation, Michigan, Environmental Improvement
      Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,141,810</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Refunding Bonds, MeadWestvaco
      Corporation - Escanaba Paper Company, Series 2002B, 6.450%,
      4/15/23</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>(Alternative Minimum Tax)
      (Pre-refunded to 4/15/12)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,150</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Michigan State Hospital Finance
      Authority, Hospital Revenue Refunding Bonds, Sinai Hospital,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/06 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Ba3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,172,511</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>1995, 6.625%,
      1/01/16</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wayne County, Michigan, Special
      Airport Facilities Revenue Refunding Bonds, Northwest
      Airlines</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >392,595</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Inc., Series 1995, 6.750%,
      12/01/15</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Minnesota -
      1.0%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >880</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>St. Paul Housing and
      Redevelopment Authority, Minnesota, Hospital Facility Revenue Refunding
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/05 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >882,895</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>HealthEast Inc., Series 1993A,
      6.625%, 11/01/17</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Montana -
      1.4%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Montana Board of Investments,
      Exempt Facility Revenue Bonds, Stillwater Mining Company
      Project,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/10 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >B1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,257,696</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2000, 8.000%, 7/01/20
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Nebraska -
      1.2%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Washington County, Nebraska,
      Wastewater Facilities Revenue Bonds, Cargill Inc., Series
      2002,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,095,020</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.900%, 11/01/27 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>New Hampshire -
      0.8%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>New Hampshire Higher Educational
      and Health Facilities Authority, Revenue Bonds, New Hampshire</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>College, Series
      1997:</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >100</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6.375%, 1/01/27 (Pre-refunded to
      1/01/07)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB-***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >106,615</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >200</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6.375%, 1/01/27 (Pre-refunded to
      1/01/07)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB-***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >213,580</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6.375%, 1/01/27</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >1/07 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >414,256</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>New York -
      6.4%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Dormitory Authority of the State
      of New York, Revenue Bonds, Brooklyn Law School, Series
      2003A,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >7/13 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,104,880</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.500%, 7/01/15 - RAAI
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >4,190</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Yates County Industrial
      Development Agency, New York, FHA-Insured Civic Facility Mortgage
      Revenue</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >2/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AA+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >4,555,075</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bonds, Soldiers and Sailors
      Memorial Hospital, Series 2000A, 6.000%, 2/01/41</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Ohio -
      3.3%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Ohio Water Development
      Authority, Solid Waste Disposal Revenue Bonds, BHP Steel LLC, Series
      1995,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/05 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >408,740</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>6.300%, 9/01/20 (Alternative
      Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,400</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Ohio Water Development
      Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/09 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >N/R</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,496,816</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>1998B, 6.625%, 9/01/20
      (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Pennsylvania -
      4.0%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,080</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Allegheny County Hospital
      Development Authority, Pennsylvania, Revenue Bonds, West Penn
      Allegheny</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >B1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,298,106</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Health System, Series 2000B,
      9.250%, 11/15/30</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,165</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Carbon County Industrial
      Development Authority, Pennsylvania, Resource Recovery Revenue
      Refunding</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,265,248</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bonds, Panther Creek Partners
      Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum
      Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Pennsylvania Convention Center
      Authority, Revenue Refunding Bonds, Series 1994A, 6.750%,
      9/01/19</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/05 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,022,590</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Rhode Island -
      0.6%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Rhode Island Tobacco Settlement
      Financing Corporation, Tobacco Settlement Asset-Backed Bonds,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >540,290</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Series 2002A, 6.250%,
      6/01/42</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>South Carolina -
      5.0%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Greenville County School
      District, South Carolina, Installment Purchase Revenue Bonds, Series
      2002,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >12/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AA-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,777,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.500%, 12/01/13</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >475</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Piedmont Municipal Power Agency,
      South Carolina, Electric Revenue Bonds, Series 1991, 6.750%,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >No Opt. Call</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >613,952</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>1/01/19 - FGIC
      Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Tobacco Settlement Revenue
      Management Authority, South Carolina, Tobacco Settlement
      Asset-Backed</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >5/11 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,066,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bonds, Series 2001B, 6.000%,
      5/15/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Tennessee -
      1.7%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Knox County Health, Educational
      and Housing Facilities Board, Tennessee, Hospital Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   >&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,064,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Baptist Health System of East
      Tennessee Inc., Series 2002, 6.375%, 4/15/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >375</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Shelby County Health,
      Educational and Housing Facilities Board, Tennessee, Hospital Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >9/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A-***</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >443,524</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Methodist Healthcare, Series
      2002, 6.500%, 9/01/26</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Texas -
      7.5%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Gulf Coast Waste Disposal
      Authority, Texas, Sewerage and Solid Waste Disposal Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >4/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,147,540</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Anheuser Busch Company, Series
      2002, 5.900%, 4/01/36 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Matagorda County Navigation
      District 1, Texas, Collateralized Revenue Refunding Bonds,
      Houston</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/13 at 101.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,995,420</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Light and Power Company, Series
      1995, 4.000%, 10/15/15 - MBIA Insured</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Weslaco Health Facilities
      Development Corporation, Texas, Hospital Revenue Bonds, Knapp
      Medical</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,167,340</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Center, Series 2002, 6.250%,
      6/01/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>West Texas Independent School
      District, McLennan and Hill Counties, General Obligation
      Refunding</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >8/13 at 51.84</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >AAA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >349,840</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Bonds, Series 1998, 0.000%,
      8/15/25</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Virgin Islands -
      3.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,545</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Virgin Islands Public Finance
      Authority, Senior Lien Matching Fund Loan Note, Series 2004A,</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/14 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,737,504</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>5.250%, 10/01/19</FONT>&nbsp;
</TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Virginia -
      3.1%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Chesterfield County Industrial
      Development Authority, Virginia, Pollution Control Revenue
      Bonds,</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >11/10 at 102.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,094,560</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Virginia Electric and Power
      Company, Series 1987A, 5.875%, 6/01/17</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Mecklenburg County Industrial
      Development Authority, Virginia, Revenue Bonds, UAE
      Mecklenburg</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,695,180</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Cogeneration LP, Series 2002,
      6.500%, 10/15/17 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>West Virginia -
      2.4%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >2,050</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Mason County, West Virginia,
      Pollution Control Revenue Bonds, Appalachian Power Company,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,099,875</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2003L, 5.500%,
      10/01/22</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><B><FONT face=sans-serif
      size=1>Wisconsin -
      1.2%</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Wisconsin Health and Educational
      Facilities Authority, Revenue Bonds, Carroll College Inc.,
      Series</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="13%"
   ><FONT face=sans-serif size=1
     >10/11 at 100.00</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="5%"
   ><FONT face=sans-serif size=1
     >BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >1,074,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>2001, 6.250%,
      10/01/21</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=13>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="7%"
   ><FONT face=sans-serif size=1
     >87,870</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Total Long-Term Investments
      (cost $79,936,539) - 96.8%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >86,269,586</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="11%" colSpan=3>
      <HR noShade SIZE=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Other Assets Less Liabilities -
      3.2%</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >2,842,603</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="86%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%"
   ><FONT face=sans-serif
      size=1>Net Assets - 100%</FONT>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"
   ><FONT face=sans-serif size=1
     >$</FONT></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="6%"
   ><FONT face=sans-serif size=1
     >89,112,189</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="11%" colSpan=3
   ></TD>
    <TD width="2%"></TD>
    <TD width="51%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=1>
    </TD>
    <TD width="3%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="20%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_5></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top align=right><FONT face=sans-serif size=1
     >*</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >Optional Call Provisions: Dates (month and year) and prices
      of the earliest optional call or redemption. There may be other call
      provisions at varying prices at later dates.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top align=right><FONT face=sans-serif size=1
     >**</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor's or Moody's
      rating.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top align=right><FONT face=sans-serif size=1
     >***</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="100%"><FONT face=sans-serif size=1
     >Securities are backed by an escrow or trust containing
      sufficient U.S. Government or U.S. Government agency securities which
      ensures the timely payment of principal and interest. Such securities are
      normally considered to be equivalent to AAA rated securities.</FONT>
  </TD></TR></TABLE>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1
     >N/R Investment is not
rated.</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><B><FONT
      face=sans-serif size=1
     >Income Tax Information</FONT></B>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>The following
      information is presented on an income tax basis. Differences between
      amounts for financial statement</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>and federal
      income tax purposes are primarily due to timing differences in recognizing
      income on taxable market</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>discount
      securities and timing differences in recognizing certain gains and losses
      on investment transactions.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>At July 31,
      2005, the cost of investments was $79,834,544.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>Gross unrealized
      appreciation and gross unrealized depreciation of investments at July 31,
      2005, were as</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1
     >follows:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>Gross
      unrealized:</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp;
      &nbsp; &nbsp;<FONT face=sans-serif size=1
     >Appreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="18%"><FONT face=sans-serif
      size=1>6,544,014</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp;
      &nbsp; &nbsp;<FONT face=sans-serif size=1
     >Depreciation</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="18%"><FONT face=sans-serif
      size=1>(108,972</FONT> </TD>
    <TD noWrap align=left width="2%"><FONT
      face=sans-serif size=1>)</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT
      face=sans-serif size=1>Net unrealized
      appreciation of investments</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="2%"><FONT face=sans-serif
      size=1>$</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD noWrap align=right width="18%"><FONT face=sans-serif
      size=1>6,435,042</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="73%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=right width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=right width="18%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="2%" background="">
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) 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 controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that have materially affected, or are reasonably likely to materially affect, the registrant's internal
      control over financial reporting.</LI></OL>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3. Exhibits.</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<PAGE>

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<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>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Municipal Income Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<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>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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

<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

<CENTER><H3><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Gifford R. Zimmerman, certify that:</P>

<OL><LI>I have reviewed this report on Form N-Q of Nuveen Municipal Income Fund, Inc.;</LI>
<LI>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;
</LI>
<LI>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;</LI>

<LI>The registrant's other certifying officer 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:


      <OL type=a><LI>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;</LI>

      <LI>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;</LI>

      <LI>Evaluated the effectiveness of the registrant'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</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type=a><LI>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's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Chief Administrative Officer<BR>
   (principal executive officer)<BR><BR></H4></CENTER>
<HR noshade size=1>
<PAGE>

<CENTER><H3><BR><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Stephen D. Foy, certify that:</P>

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen Municipal Income Fund, Inc.;</LI>
<LI>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;
</LI>
<LI>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;</LI>

<LI>The registrant's other certifying officer 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:

      <OL type='a'><LI>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;</LI>

      <LI>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;</LI>

      <LI>Evaluated the effectiveness of the registrant'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</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type='a'><LI>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's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (principal financial officer)<BR><BR></H4></CENTER>
<HR noshade size=1>



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